A Long And Fascinating History

Debt settlement and bankruptcy have a long and fascinating history. Ancient Greece, for example, had no legal concept of bankruptcy at all, so if you accumulated debts that you could not pay, you and your family – and even your own servants – would be forced into debt slavery until the creditor was satisfied. While you may feel like your debts have you enslaved, we’re a bit easier on debtors in Illinois these days. If you are struggling with debt and considering bankruptcy, discuss your legal rights, options, and obligations as quickly as possible with an experienced Chicago bankruptcy lawyer.

In the Old Testament, every seventh year is a Sabbatical year requiring the release of all debts owed by members of the community. The seventh Sabbatical year, or forty-ninth year, is followed by a year called the Year of Jubilee. The release of all debts owed by community members and foreigners alike is required, and all debt-slaves must be released as well. In Islamic teaching, an insolvent person is allowed time to pay off debt, and creditors are advised to be charitable. Under Genghis Khan, a third bankruptcy was punishable by the death penalty. Bankruptcy isn’t quite that tough in Illinois.

The first statute under English law dealing with bankruptcy was the Statute of Bankrupts of 1542. The Statute begins with a long preamble denouncing debtors who defraud their creditors, and it introduces the concept of liquidating a debtor’s property and equally distributing the proceeds among the various creditors. In an Illinois bankruptcy in 2015, you can keep some of your important property, and you’re given other substantial legal rights and protections. Moreover, in the Chicago area, bankruptcy isn’t always the only option you have for dealing with overwhelming debt. If your debts are getting out of control, speak about bankruptcy and your other options as soon as possible with an experienced Chicago bankruptcy lawyer.