People from All Walks of Life File Bankruptcies

People in all professions seek relief from their creditors by filing bankruptcy – even business owners, doctors, lawyers, and CEOs of Fortune 500 companies. People of all different ages, ethnicities, religions, and backgrounds find financial relief by filing bankruptcy.

Bankruptcy is Your Economic Right

Filing for personal bankruptcy is every American’s economic right. In 2005, Americans filed over 2 million personal bankruptcies. Creditors are aware that you have the legal right to file bankruptcy and take this risk into consideration when determining what interest rates they will charge you. If the interest rates on your debts are very high, it is possible that you might have already paid the creditor more than you initially charged or borrowed.

Bankruptcy Has a Long History

Bankruptcy’s history is long and extensive. Scholars state evidence of bankruptcies in Biblical times exists. In the United States, some form of bankruptcy law has been available since the year 1800. Congress has since shaped and molded our Bankruptcy Code over the last 200 years. Bankruptcy laws have a purpose: to offer you protection from your creditors by granting you an opportunity to either reorganize or eliminate your debts.