For millions of people, bankruptcy has provided an effective way to find relief from debt and rebuild their finances. But this has not always been an option. Before bankruptcy courts were created to help people burdened with heavy debt, debtors were often subjected to cruel punishments. Periods of temporary slavery and lengthy prison terms were not unheard of. Living under heavy debt has never been easy, but modern laws make the way to debt relief far easier.
Even a century ago, people living with heavy debt were forced to spend time in debtors' prisons -- special jails set aside for people in debt. They were required to stay until they were able to pay off their debts, in many cases being forced to do manual labor. If a debtor's family was unable to repay the debts, as often occurs when the family breadwinner is in prison, the debtor might never leave.
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Even debtors' prisons were in many cases an improvement over earlier practices. Throughout history it has not been rare for debtors to be forced into temporary slavery, known as indentured servitude, until they were able to repay their debts. For example, a man who owed a debt he cannot easily repay might be forced to work as his creditor's slave until the debt was repaid. With such an uneven balance of power, some creditors would cheat debtors so they could have them as near-permanent servants.
Since then the world has changed. In countries like the United States, it is normal to have some amount of debt: student loans, car payments, and mortgages are all an accepted part of everyday life. Now that individuals do not face the possibility of slavery every time they take out a loan, they are able to safely own property on credit.
Yet major life changes can put previously-manageable debts beyond a debtor's reach. After an injury, severe illness, or other unexpected change, it can be impossible to meet your everyday needs without falling further into debt. For people whose lives have become overtaken by creditors' phone calls and piling bills, bankruptcy may provide the most effective way to alleviate the burden of debt.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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