The 4th of July and Bankruptcy
The July 4th holiday is a time for celebration. Please stay safe and enjoy the festivities responsibly. This time of year, we think a lot about the founding of the United States of America. Did you know that the right to bankruptcy has been there since the inception of our country?
Article 1, section 8 of the original U.S. Constitution, ratified in 1789, provides for the powers of Congress. Among the enumerated powers, Congress “…shall have power…to establish uniform Laws on the subject of Bankruptcies throughout the United States.” The public policy of our country is that Americans do not want people to suffer. Elected officials, on the federal and state levels, have repeatedly passed laws that protect the income resources and property of citizens. It’s healthy for an economy if individuals and families have access to a fresh financial start to be more productive, instead of mired in old debt. Bankruptcy is a part of our economy that is expected and planned for in our laws.
I found in 26 years of representing bankruptcy trustees (“the other side”) that many people harbor tremendous guilt resulting from their decision to get out of debt. I also found they were not the cause of their bankruptcy. Usually, it was a job loss, medical problems, accidents resulting in personal injuries, divorce, economic collapse, or just bad luck that led to the result they lost the means to pay their debt.
Too many people carry with them too much guilt over the decision to file for bankruptcy. My lifetime motto is to “Press on Regardless!” Each person must press on regardless to do the right thing, guilt free, for themselves and their family. Call us today at 813-308-9045.
