When did Bankruptcy Begin?
Bankruptcy has been around for thousands of years. In fact, bankruptcy is mentioned in the Bible, in the Book of Deuteronomy.
Deuteronomy 15:1-2
“At the end of every seven-year period you shall have a relaxation of debts, which shall be observed as follows. Every creditor shall relax his claim on what he has loaned his neighbor; he must not press his neighbor, his kinsman, because a relaxation in honor of the LORD has been proclaimed”.
The Book of Leviticus
Moses announces God’s decree that special years be set aside for the forgiveness of debt, freeing of slaves, and other measures re-balancing the social order.
It was never God’s intention to create a society where debt was a crime. We see a society where loans were kept to a minimum by law, and gratuity and charity, were kept to a maximum by law. To accomplish this end, God did not outlaw borrowing and lending, but instead He provided that loans would eventually become gifts, and thereby limited loans only to those in need. He permitted the loan to take place, and the obligation to repay to occur, but He limited the legal obligation to repay to a maximum of only seven years. Every seventh year all lenders were to release their debtors from all of their debts. Every seventh year, the debtors were discharged from all their loans and were no longer legally obligated to repay them. The debtor was free of all loans by force of law.
“At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor who lends ought unto his neighbor, shall release it; he shall not exact it of his neighbor, or of his brother, because it is called the Lord’s release”. Deut. 15:1,2.
In our modern version of the law, it is your right to obtain a Chapter 7 discharge every 8 years. But, if you need to file another bankruptcy and it has not been 8 years since you filed your previous Chapter 7 case, you may qualify for a Chapter 13. Under the new laws, you can qualify to file a Chapter 13 four years after filing a prior Chapter 7 case.
Famous people who filed bankruptcy
Hundreds of famous people have filed bankruptcy. Abraham Lincoln, Buffalo Bill, Lawrence Taylor, Mark Twain, Oscar Wilde, Tom Petty, Rembrandt, Tom Sizemore, Lorenzo Lamas, Jerry Lewis, Willie Nelson, Tammy Wynette, P.T. Barnum, John Barrymore, Bjorn Borg, Margaux Hemingway, Larry King, Henry Ford, William Fox of 20th Century Fox Film Corporation, business controlled by Donald Trump, Francis Ford Coppola, Zsa Zsa Gabor, Wayne Newton, Natalie Cole, Walt Disney, Charles Goodyear [Goodyear Tire], Henry John Heinz [condiment manufacturer], Marvin Gaye, Mick Fleetwood, Milton Hershey [famous candy maker], Randay Quaid, William McKinley [25th U.S. President]. These are just a few of the many famous people who have sought relief from the bankruptcy court. If the wealthy and famous need bankruptcy as a helping hand and safety net, than you can imagine how much the average American can be helped by the same relief. People struggling with high gas and food prices, rising school tuition's, soaring inflation, crazy credit card rates and the extremely high cost of basic living can all benefit from bankruptcy protection.
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