In our economy, bankruptcy has become a word of almost everyday. While negative undertones exist, those eligible for bankruptcy who file are provided PROTECTION and RELIEF from their creditors.
This concept is not so new, instead it predates the 13 colonies and comes from England. Further enough, it can be find in the U. S. Constitution. It is not part of the BILL OF RIGHTS or any of the AMENDMENTS that were added after. Bankruptcy law is provided within Section 1 Article 8 of the U.S. Constitution that outlines the specific Powers of Congress:
“To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States;”
This may seem a little shocking or unexpected, but it is true. The laws generated by the Bankruptcy Code is aimed specifically at addressing debts, burdens and financial difficulties of individuals. While still somewhat associated with a stigma, bankruptcy provides many detailed laws that are aimed to provide protection of debtors from creditors.
So next time you think of the about bankruptcy, consider what type of creditor might pushing a negative association to bankruptcy, a friend next door you loaned you $100 or a credit card company loaning you $100 with +20% interest.
Don’t be afraid of bankruptcy, seek guidance from a bankruptcy attorney who can determine your eligibility, personal needs, and provide you with information to allow you to make an informed choice.
My office can provide that guidance.
Visit our site at: WWW.LOOMLEGAL.COM
Or contact me directly: 310-261-2723
Omid Moezzi
