Happy President’s Bankruptcy Day everyone! Did you know that both Thomas Jefferson and Abraham Lincoln dealt with bankruptcy? Not the national debt, but their own personal bankruptcy.
"$100K? That's a lot of pennies."
Is this something we as Americans should be ashamed of? On the contrary, I think it shows off the strength and resilience of our country and our democratic and capitalist system. Our society is saying that you can face financial difficulties, file for bankruptcy and still be successful in your life.
In Jefferson’s case, he actually died with over $100,000 in debt. And that was $100,000 in 1826 dollars! (Interestingly, he also died on July 4, at almost the same time that our Second President, John Adams, died.) Jefferson clearly thought a lot of about debt given that he wrote a book entitled Principal and Interest: Thomas Jefferson and the Problem of Debt. And the fact that bankruptcy is directly addressed in the U.S. Constitution likely reflects his influence in some form as well.
In Lincoln’s case, in his pre-politics years he tried to start a business–a store that went belly up. To get a sense of how the bankruptcy laws have changed over the years, it took Lincoln almost 20 years to pay off his creditors. Today a bankruptcy can be resolved in 4 to 6 months under Chapter 7 bankruptcy, and within 3 to 5 years through a Chapter 13 bankruptcy.
(Special thanks to the Colorado-based law firm of Wink & Wink, P.C. for their excellent press release on this topic.)
Of course, you don’t need to be a U.S. President (present or past) to file for bankruptcy and go to have a successful financial life.
For more information, please contact me for a free initial consultation and I’ll share the benefit of my 30 years of New York bankruptcy experience to help you navigate the process and get the full benefit of the bankruptcy laws.
Contact Bruce Weiner, Esq.
EMAIL Bruce Weiner
Phone
(718) 855-6840 (Local)
(866) 402-8476 (Toll Free)
Fax (718) 625-1966
Go to www.nybankruptcy.net to learn more about Rosenberg Musso & Weiner LLP and/or to set up a free consultation.
