INDEPENDENCE FROM DEBT
Being American Independence Day, it seems an appropriate time to talk about independence from debt. America’s founding fathers recognized the importance of including laws pertaining to debtor-creditor relations if there was to be a just, fair and efficient legal system. That’s why they included a provision pertaining to bankruptcy in our American constitution.
Article I, Section 8, Clause 4 of the Constitution of the United States of America provides that “Congress shall have Power to Establish Uniform Laws on the subject of Bankruptcies throughout the United States”.
The leaders of our young republic were faced with trying to develop a viable and stable commercial republic, balance urban and rural interests, and unite disparate, independent colonies. If each colony had separate rules, those goals would be impossible in a time when many settlers had fled European systems of debtor’s prisons.
In our modern times, bankruptcy is permanently ingrained into our legal system. Congress continues to exercise its power establishing new laws pertaining to bankruptcy.
The attorneys and support staff at Pollak, Hicks & Alhejaj, P.C. wish all of you a happy and safe Fourth of July holiday. Happy Birthday, America!
© David G. Hicks – July 4th, 2014