Lincoln's Bankruptcy
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Consumer bankruptcy in America serves to "relieve the honest debtor from the weight of oppressive indebtedness, and permit him to start a fresh free from the obligations and responsibilities consequent upon business misfortunes" and to provide individuals "a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of pre-existing debt." Local Loan Co. v. Hunt, 54 S.Ct. 695 (1934).
There were numerous great individuals throughout history who took advantage of the new beginning that the bankruptcy laws offer. Conceivably one of the foremost was Abraham Lincoln. Regarded by a lot of historians to be our country's finest president, great luck did not always smile on Abraham Lincoln.
At age 22, Lincoln found his way to New Salem, Illinois where he earned his livelihood performing odd jobs within the small town and working as a shopkeeper. In 1832, the store in which he worked closed. Lincoln along with a partner opened up their own general store in New Salem. Lincoln and his partner purchased their inventory from other stores on credit and accrued a substantial amount of debt.
In 1833, the shop failed and Lincoln's business partner passed on, leaving him saddled with the debt. Lincoln declared personal bankruptcy later on that year. The good news is for debtors today, the bankruptcy laws now provide for the release of nearly all unsecured debt. However, Abraham Lincoln took nearly 17 years to pay off the debt from his unsuccessful store.
Needless to say, Abraham Lincoln overcame his financial road blocks. Still, many individuals who should consider filing for bankruptcy don't even see it as an option due to conditioning that consumer bankruptcy is the worst thing that can happen to them and should only be looked to as a final option.
But actually, bankruptcy is a viable alternative for some people. Lincoln is historic proof that individuals can overcome personal bankruptcy and realize great things in their lives. The truth is, Lincoln subsequently assisted a number of people declare bankruptcy as part of his law practice.
Bankruptcy, in most circumstances, can completely wash the slate of credit card debt and other unsecured debt. And, because of bankruptcy exemptions, the majority of people do not surrender any of their property in bankruptcy.
Men and women experiencing the "weight of oppressive indebtedness" can get the new start that the bankruptcy laws intend, and move ahead with their lives to attain all their economic goals and objectives.
Article Source: Articlelogy.com
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