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  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

What Is Bankruptcy Anyway?

What is bankruptcy anywayUnderstanding a little about bankruptcy’s history can help us better understand and appreciate modern bankruptcy.

What is Bankruptcy Anyway?

Origin of bankruptcy

The root of the term “bankruptcy” comes from the Latin words “bancus” and “ruptus” (which mean “bench” and “broken,” respectively). Ancient Italian bankers would conduct their business in the marketplace on trademark benches. When a banker went broke, he would break is bench as a symbol of his being out of business.

Different cultures have had different bankruptcy practices. Genghis Kahn mandated the death of anyone who claimed bankruptcy three times. Ancient Israel, on the other hand, had a system whereby all debts would be discharged every 49th year, called the year of Jubilee. Luckily for us, you don’t have to karate chop a wooden bench or get your head chopped off to file bankruptcy.

Modern American Bankruptcy

Modern American bankruptcy laws provide a balanced approach to discharging debt. Bankruptcy benefits both the individual who is filing and society at large. After all, a person bogged down in debt can’t financially contribute to the economy to the same extent as someone who is debt-free.

Most people who file bankruptcy file either a Chapter 7 or a Chapter 13. Broadly speaking, Chapter 7’s completely wipe out most debt at the time of filing, whereas a Chapter 13’s usually consists of a 5-year payment plan that pays off some of the unsecured debt. There are lots of nuances to Chapter 7’s and Chapter 13’s, and this blog post is meant to just provide some historical context and look at the tip of the iceberg. Our next post will explore Chapter 7 and Chapter 13 bankruptcy in more detail.

For more information about bankruptcy or your debt relief options, contact our Fairfield bankruptcy office to speak to one of our experienced team  members.

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