Why Emotions Can Be Set Aside in a Bankruptcy Filing

Don’t Let Your Emotions Get in the Way of a Bankruptcy Filing

You’ve been struggling to meet your financial obligations for months or even years, and you only seem to be getting further behind. Friends and family may have suggested that you consider seeking bankruptcy protection, but you have balked, feeling shame, guilt, sadness or even anger. It’s time to stop letting your emotions keep you from getting a fresh financial start.

The Bankruptcy Laws Were Enacted to Provide Relief

There’s a common misperception that bankruptcy laws are a modern invention, a liberal response to the notion of a culture of entitlement. However, bankruptcy laws have been on the books for thousands of years. The Dutch painter, Rembrandt van Rijn, filed for bankruptcy protection nearly 500 years ago. When the founding fathers were forming the U.S. Constitution, they included a provision granting the federal government the power to enact all laws governing bankruptcy. The first American bankruptcy laws were put in place in 1800, and the United States has had bankruptcy laws ever since. It seems clear that, were there not a social benefit to bankruptcy, the law would have been abolished long ago.

Some Very Successful People Have Filed for Bankruptcy Protection

Some of the most successful people in American history have used the bankruptcy laws to get a fresh start. General Ulysses S. Grant and his commander in chief, Abraham Lincoln, both filed for bankruptcy protection. Celebrated writer Mark Twain sought protection, as did Henry Ford, Walt Disney and Donald Trump. They understood that the bankruptcy laws were there for them to use to get a fresh start. They also understood that emotions should never come into play when making financial decisions.

Contact John Hargrave and Associates

We have provided comprehensive counsel to individuals in and around Barrington, New Jersey, since 1977. To schedule a free initial consultation, contact our office by e-mail or call us at 856-547-6500.

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