We, the people, just got through celebrating 235 years of freedom as an independent nation, which has continually guaranteed our individual rights in the pursuit of happiness since its beginning. Last night all across our nation from New York to California, millions of Americans observed our annual July 4th celebration through fireworks, song, and social events. The special day reminds us Americans that freely pursuing our happiness is all a part of the American dream. Unfortunately, for many Americans, the recent recession and housing crisis have dashed the hopes of living the American dream any time soon.

In 2010, over 1.5 million Americans filed for bankruptcy protection. Although the numbers are slowing down this year, current figures show there will still be almost 1.3 million filers for 2011. So, what does filing for bankruptcy protection have in common with July the 4th?

Many of the men and women who founded this great nation were very familiar with debtors prisons from the Old World. Either they had first hand experience or had relatives or friends who had first hand experience with debtors prisons. As a result, when they won our independence from Great Britain, they were sure to deal with debt as part of our individual rights. When writing the Constitution, they were wise enough to give Congress the power to legislate federal bankruptcy laws.

As bankruptcy laws began to develop in 1800, they evolved over time, and along the way they were supplemented by State laws to clarify the necessary details. The laws, designed to protect both creditor and debtor, make bankruptcy a legal proceeding allowing the honest person or business to work their way out of a bad financial situation, or in some cases, to start fresh. In any case, the U.S. bankruptcy laws were designed to prevent people from going to jail for getting into debt. So for all practical purposes, filing for bankruptcy protection is simply to be a humane tool used by our society to potentially help alleviate a bad financial situation between two parties.

The idea Americans can financially start over is certainly common with the idea formed by our American independence to start over as a nation. July 4th is the day we celebrate our independence from an oppressing country who emphasized a collectivist mentality. Great Britain had demonstrated more than once their stiff necked desire to make the Colonies of America conform to what they thought was best for Great Britain society as a whole. They brought to the American shores debtors prisons and stiff tax burdens from the Old World. A generation later, the new breed of colonists balked at the rigid control of the group across the oceans, and the rest is history.

One of the great symbols for the pursuit of the American dream is property ownership. Owning a house remains central to obtaining a portion of that dream.
According to a recent CBS news poll, nearly nine in ten Americans say home ownership is an important part of the American dream, despite most doubting their home is a good investment, especially after the effects of the current housing crisis and recession.

There are currently over 2.9 million homes in the United States still waiting to be foreclosed. Foreclosure is one of the leading causes for filing bankruptcy. The good news is, although you may very well lose your home to foreclosure, filing for bankruptcy protection is way to restart your adventure to the great American dream. July the 4th is Americans reminder to a hopeful new beginning.

Bankruptcy laws can be complicated, and common sense indicates you might need a bankruptcy lawyer in order to help you understand how these complex laws may apply in your particular situation. If you determine you are in need of relief from the stress associated with debt and you live in or around the metropolitan areas of Portland, or Vancouver, Oregon and Washington, contact us here today at . We will help you find a bankruptcy attorney in your area that will help you with any questions you may have on bankruptcy law.

 

 

 

 

 

 

Similar Posts:

Share