Bankruptcy and American Tradition
Today’s bankruptcy laws are designed to cover relatively simple financial situations as well as the most complicated scenarios. Bankruptcy is now used not only to get out of debt but also for a variety of other financial reasons. Those other reasons include but are not limited to:
- – getting out of contracts and leases
- – recovering repossessed property
- – staying out of jail
- – paying back debts in full or part under a new payment plan
- – protecting property you want to keep
Bankruptcy is a valuable legal tool that has been part of the law in the United States since the beginning. The Constitution recognizes it. Thomas Jefferson went bankrupt. So did a business co-owned by Abraham Lincoln, who as a lawyer represented scores of clients filing for bankruptcy. The historical acceptance of bankruptcy was a genuine step forward for human dignity and a big improvement over Great Britain’s 18th-century dungeons and debtor’s prisons.
As the United States and its economy and population grew in size and complexity, so did bankruptcy law. In the 20th century, credit became available to the average person for the first time. Ordinary folks started obtaining credit cards, especially after World War II, and many of those ordinary people ran into debt trouble. And they still do. In the Chicago area, if you’re facing mounting credit card debt that you’re unable to pay, consult right away with an experienced Chicago bankruptcy lawyer. A good bankruptcy lawyer can review your situation and options and suggest the solutions that are in your best longterm interests.
Bankruptcy is a legal way to get a fresh start, and not just for individuals and families. Airlines, professional sports teams, corporations, and even cities are taking advantage of bankruptcy laws to restructure their debts and establish a fresh financial beginning. Bankruptcy isn’t for everyone, but if you’re struggling with debt – and debt is winning – call today and arrange to review your options and alternatives with an experienced Chicago bankruptcy lawyer.
