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General
Bankruptcy
The law of bankruptcy is probably the
most misunderstood statute in this country.
The image that the word bankruptcy conjures
up in the mind of the general public
is a dishonest debtor who has only one
purpose in mind — to remove himself
from the obligations to pay his just
debts. To the contrary, the body of
bankruptcy law is designed to aid the
unfortunate debtor by giving his/her
a fresh start in life. The laws are
remedial in nature and are designed
to benefit both the honest debtor as
well as his/her creditors.
The Supreme Court of the United States
has described the Bankruptcy Act of
1898 as one of the most humane statutes.
So long as we have a credit-oriented
society and periodic fluctuations in
the economy which no person is able
to control, relief from economic frustration
will be necessary. The theory is that
an honest but financially insolvent
debtor will become a better citizen
when he/she is able to obtain a fresh
start.
There was a time in our country when
a person who had been through bankruptcy
could not obtain credit. This situation
has changed dramatically since most
creditors now believe that a person
is a better credit risk after
having received a discharge from his/her
obligations than is a person overburdened
by debt. Therefore, a previous bankruptcy
does not, per se, keep
a person from obtaining credit. Whether
or not a person has been fair and honest
with his/her creditors is the key to
his/her being able to obtain credit
after bankruptcy.
Making a decision to initiate bankruptcy
is not to be taken lightly and much
information is needed to make an informed
decision. If you are contemplating the
filing of bankruptcy or simply wish
further information about the process,
please feel free to contact
our office via our online Consultation
Request Form, email address (recognizing
the issue of privacy and confidentiality),
telephone or through the U.S. Mail.
Of course, there is no obligation or
charge unless you retain our office. |
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