We are bankruptcy attorneys in Eastgate, Ohio. We have been in practice for nearly 30 years serving the community.
Bankruptcy is specifically mentioned in the United States Constitution. The United States Constitution states “The Congress shall have Power to establish….uniform laws on the subject of bankruptcies throughout the United States.” This means bankruptcy is constitutional.
The founders wanted to ensure that there would be a uniform system of bankruptcy so that one state would not put someone in debtor’s prison for a debt that was discharged in another state. James Madison, in Federalist Paper No. 42, wrote about how important uniform bankruptcy laws would be for the regulation of commerce in the United States. In this article the power to pass and regulate bankruptcy was mentioned in the same paragraph as the power to issue currency and regulate the use of foreign currency.
The United States Congress passed the first bankruptcy law in 1800. However, that law only lased until 1803. The next bankruptcy law was not passed until 1841, which also had a short life, lasting only until 1843. After the civil ware, Congress passed a bankruptcy act with a little more longevity, lasting from 1867 to 1878. Congress finally passed a permanent bankruptcy law in 1898, which remained in place for eighty years. In 1978, the current structure of bankruptcy laws were enacted. In 1984, 1986, 1994 and 2005, the bankruptcy act was revised, but the basic structure remained in effect. The 2005 act added the means test, limits on restructuring vehicle loans and the credit counseling requirement.
Bankruptcy could help you get a fresh financial start. It is designed to discharge all of your unsecured debts.
At our office we will offer you a free consultation where you can sit down with one of our attorneys and discuss your individual situation.
For more information check out our website at www.keegancolpa.com.
Contact your Eastgate, Ohio bankruptcy attorney today!