When did bankruptcy begin?
Bankruptcy relief has been around for thousands of years. In fact, bankruptcy is mentioned in the Bible, in Deuteronomy 15: 1-2, summarized like this: 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.
Also, in 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 to help re-balance the social order.
Debt is not a crime, despite how harshly some people in debt are mad at themselves for having debt.
In our modern version of the law, it is your right to obtain a discharge of most debts every 8 years. In addition, if it has not been 8 years since your bankruptcy discharge, you may easily qualify to discharge additional debt through a Chapter 13 payment plan that often can result in low monthly plan payments as you discharge significant amounts of debt in your second bankruptcy case.
Is bankruptcy relief only available for those with no money and assets at all?
No. Many famous people who have significant assets and income have filed for bankruptcy relief: 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, Francis Ford Coppola, Zsa Zsa Gabor, Wayne Newton, Natalie Cole, Walt Disney, Charles Goodyear of Goodyear Tire, Marvin Gaye, Mick Fleetwood, Milton Hershey of Hershey's Chocolate, Randy Quaid, and William McKinley, our 25th 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 a helping hand and a safety net, then you can imagine how much the average American can be helped by the same relief! People struggling with high gas and food prices, layoffs, divorces, soaring inflation and crazy credit card rates can all benefit from bankruptcy protection.
I am robbing Peter to pay Paul. I cannot get ahead. How do I stop this cycle?
People use the old phrase that they are "robbing Peter to pay Paul", and then they add that they are now forced to also rob Paul, and that poor Paul is running out of money and patience! Many suffer sleepless nights and suffer anxiety worrying about how to pay mounting bills. The stress of "treading water" with these bills takes a heavy toll on finances, families, marriages and health.
Those who are properly informed about bankruptcy know it can:
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