Bankruptcy: A Safety Net Unique to the United States

Posted on April 2, 2013. Filed under: Consumer Bankruptcy Attorney |

Although several countries have bankruptcy laws of one variety or another, most are designed to assist businesses in financial trouble. The United States is unique in that it is one of very few that have a bankruptcy system designed to assist the consumer debtor.

The New York Times has a recent article describing the horrors of a country without such a bankruptcy law to act as a safety net for the honest, but unfortunate debtor. The article describes how one Afghani man owed a debt that almost required him to sell his 6 year old daughter in marriage to the creditor when he could not repay the debt.  Thankfully at the last minute, someone paid his debt for him averting disaster.  But how many times in Aghanistan and other countries do debts go unpaid and a child is lost ?  The man had originally borrowed the money to pay for medical bills.

Let us be thankful that we live in a society that allows the honest but unfortunate debtor to be protected from such evils as described in this article, or other evils such as debtor prisons or involuntary servitude to the creditor.

 

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