What is Bankruptcy

From a legal standpoint, bankruptcy is the condition of not having the financial means of paying one's debts as they become due. Personally, I define bankruptcy as: "God and government imposed forgiveness of debt, legally releasing people from some or all of their financial obligations."

Purpose of Bankruptcy

The main purpose of bankruptcy is to give debtors a fresh start in their financial lives, and not be cursed and burdened down with debt that only grows with compounding interest.

Bankruptcy in the United States

Article I, Section 8, Clause 4 of the U.S. Constitution grants Congress the power "To establish an uniform Rule of Naturalization, and uniform Laws on the subject of Bankruptcies throughout the United States," and Congress has so established such laws. Bankruptcy does not have its origins in the United States. Bankruptcy does not even have its origins in western civilization. Interestingly, bankruptcy in general, and the U.S. Bankruptcy laws in particular, follow patterns of the laws of ancient Israel and described in the writings of Moses, dating back approximately 3500 years to 1500 B.C. Under those ancient laws, there was remission of debts every seven (7) years. Present U.S. law provides that individuals can file (Chapter 7) bankruptcy every eight (8) years, but before Congress made some significant changes to the Bankruptcy laws in the year 2005, individuals could file bankruptcy every seven (7) years as well.

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you should know

We are a debt relief agency and help Colorado residents obtain financial relief by filing for personal bankruptcy under Chapter 7 and Chapter 13 of the U.S. Bankruptcy Code.

This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.