U.S. Bankruptcy Laws Get A Thumbs Up From Forbes

  • Bankruptcy Laws

U.S. Bankruptcy Laws Get A Thumbs Up From Forbes

Call: 888-297-6203

With the octomom, Nadya Suleman filing for bankruptcy, Forbes lauded Bankruptcy Laws in U.S. This came out through an article which quoted French political philosopher, Alexis de Tocqueville saying that American bankruptcy laws are great as there is no legislation against bankruptcy filing, making it for possible for many people to file for bankruptcy. This is possible because despite a stigma attached to bankruptcy, people don’t fear filing for bankruptcy, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. This is possible because there are so many bankruptcy filings taking place that people fear anti-bankruptcy legislations which might hinder them getting discharge of their debts.

Considering that many big businesses have ended up financially kaput and filed for bankruptcy to get rid of their debts, people realise that they too might have a fate like them. The fear of unable to get rid of debt as bankruptcy filer is more than the fear of losing money as creditor. Thus, people don’t oppose bankruptcy laws. This understanding can be attributed to the fact that many times, bankruptcy occurs because of unfortunate circumstances which are in no way a fault of the debtor. Something like job loss, unexpected illness, natural disaster or having eight children as in case of Nadya Suleman can cause financial distress to any person. Once this is clear to people, they are less likely to punish someone for defaulting on their dues.

Inability to care for eight babies simultaneously was the reason which caused Nadya Suleman to file for bankruptcy. This is one of the rarer reasons for bankruptcy filing, however, something which is totally identifiable. There can be several reasons for bankruptcy filing, but hiring a lawyer is important if you wish to get the debts discharged successfully. If you are being harassed by creditors for unpaid debts, you can call 888-297-6023 to consult with experienced bankruptcy lawyers.