Financial security can build self-esteem and a sense of well being. Americans living the “American dream” feel they are fortunate and generally view those who are less fortunate with compassion. Nevertheless, there is the temptation for many successful Americans to look down on the less fortunate or view them with a judgmental spirit.
This blogging comment was posted on the internet in November of 2007:
“People charge on their credit cards to “keep up with the Jones,” lease cars that they can’t afford and are fooled into buying houses they can’t afford. Then blame it on society’s advertising that coerced them into purchasing these products. Wake-up, you and I (the responsible ones) end up paying for their ignorance! Stop bankruptcy and bring back debtor’s prison.”
With the exception of the credit card and car purchase references, the blogger’s comments could have been made by any of Great Britain’s elite prior to the Revolutionary War. Many colonists went to the New World to escape debtor prison, but debtor prisons also existed in the New World forcing many early Americans to flee to debtor’s states. Debtor prisons are one of the reasons our founding fathers included the legislation of bankruptcy laws into the Constitution of the United States under Article 1, Section 8.
Americans risked everything to break away from their home country and start over. Many of our founding fathers who signed the Declaration of Independence went bankrupt after the Revolutionary War. Not only did they face the extreme challenges in governing a new nation, many had to start over. Certainly their self-esteem was challenged.
Since the Revolutionary War bankruptcy laws have evolved. Historically, creditors could put you in prison for not paying your bills, but today, filing for bankruptcy is a legal proceeding that is designed to protect both creditor and debtor and to allow the honest person or business to start over.
Filing bankruptcy is not a sign of weakness, laziness, immorality, or dishonesty. Bankruptcy can happen for a variety of reasons including: divorce, catastrophic events, foreclosure on personal or business property, failure to pay bills on time, loss of income, health problems, poor business decisions, bad timing, bad advice, or a poor economy. If you are bankrupt it may be time to deal with your financial issues and consider bankruptcy.
If you need relief from the stress of debt and you live in or around the metropolitan areas of New Haven or Meriden, Connecticut, contact us at www.betterbankruptcy.com .We will help you find a bankruptcy attorney in your area who will answer your bankruptcy questions.
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