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An inside look...The definition of "bankrupt" is as an adjective: "(of a person or organization) declared in law unable to pay outstanding debts" and "completely lacking in a particular quality or value"; as a noun "a person judged by a court to be insolvent, whose property is taken and disposed of for the benefit of credi- tors,"; and as a verb "reduce (a person or organization) to bank- ruptcy."As dire as that may sound, Merriam-Webster defines 'bankrupt" as "a debtor (such as an individual or organization) whose prop- erty is subject to voluntary or involuntary administration under the bankruptcy laws for the benefit of the debtor's creditors."Definitions aside, the pervasive stigma historically attached to the word is probably worse. But things are changing.Second ChanceFor some reason, our society, one that was founded on 'everyone gets a second chance', seems to look down on people trying to get a second chance and a clean slate when it comes to debt. Maybe, now that more and more individuals, companies, and even presidents of the United States (including one who signed The Declaration of Independence), are using bankruptcy as a financial tool, to their advantage, it will become more 'accepted' and 'main- stream' by society.The first federal Bankruptcy law in the U.S. was the Bankruptcy Act of 1800. It was repealed just three years later, but was followed by the Bankruptcy Act of 1843. That was succeeded by the Bankruptcy Act of 1867, which was amended in 1874, and then repealed in 1878.Finally, the first modern Bankruptcy Act became law in 1898. It was sometimes called the "Nelson Act". The current Bankruptcy Code was enacted in 1978. The current Code has been amended numerous times since 1978, with the last major amendment being in 2005.
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- Title: The Debt Life: Lessons learned from assisting more than 50,000 people settle more than $1,000,000,000 (One Billion) dollars of debt
- Author : Chad Van Horn
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- Genre: Kindle Store,Kindle eBooks,Law
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