MISCONCEPTION #1: Bankruptcy is dishonest. Not true. Most people honestly want to pay their bills, but sometimes things happen that make it impossible. These things include an unexpected lawsuit, judgment or income tax bill – a fine that was considered excessive or in dispute – and more. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people from harassment, lawsuits, wage garnishment and other creditor actions. Bankruptcy allows a fresh start.
Many experts trace the roots of our bankruptcy laws to the Bible, which says:
At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor shall release that which he has lent unto his neighbor and his brother; because the Lord’s release hath been proclaimed. (Deut. 15:1–2)
Bankruptcy has been used by many of our nation's largest companies like Texaco, America West Airlines, Macy's, T.W.A., Pan Am, A. H. Robbins, Penn Central, Wards – as well as famous people like Jerry Lewis, Kim Basinger, David Bowie, Anita Bryant, Natalie Cole, Mickey Rooney, Walt Disney, Tammy Wynette, Mick Fleetwood of Fleetwood Mac, Zsa Zsa Gabor, Isaac Hayes, Don Johnson, Abraham Lincoln, Donald Trump, MC Hammer, Marvin Gaye, Archie Griffin, Dorothy Hamill, Milton Hershey, Perez Hilton, Ronald Isley, LaToya Jackson, Thomas Jefferson, P.T. Barnum, Merle Haggard, Willie Nelson, Burt Reynolds, Larry King, Cyndi Lauper, Abraham Lincoln, and former Treasury Secretary John Connally.
The same laws that are routinely used by corporate America, and the rich and famous, can protect you, your family and your business.
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