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Diane L. Drain | Arizona Bankruptcy Lawyer

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Usury – historical references and bankruptcy

Learning about the usury and it's history

Usury – historical references and bankruptcySite Producer2022-09-08T13:47:44-07:00

What is the Usury?

USURY – Historical References & Bankruptcy

the practice of making unethical or immoral monetary loans that disproportionately benefit the lender The term can be used in a moral meaning—condemning, profiting from the misfortunes of others—or in a legal sense, where an interest rate is charged that exceeds the highest rate allowed by law. A loan may be deemed usurious due to exorbitant or abusive interest rates or other characteristics established by state law. A usurer is someone who commits usury, however in modern colloquial English, they may be referred to as a loan shark.

The creditors are happy to give everyone credit, whether or not they qualify.

These creditors have absolutely no regard to the person’s ability to repay the credit. The creditor makes more money when a borrower is late, defaults on a loan, or overdraws the credit limit or bank account. Therefore, that creditor is gambling that they will earn more from borrowers in interest, penalties and additional charges then that creditor will lose as a result of bankruptcy. They are leveraging their losses by giving out as much credit as everyone’s mail and email boxes can hold.

Those same creditors will not work with the a borrower who is suffering a financial set back.

That creditor does not care if the borrower has never been late, in fact they make more money if the borrower is late. They find all kinds of ways to make sure the payment is late – changing the date or time the payment is due, changing the location to make the payment or refusing to accept a payment because they know 98% of all borrowers will just pay the late fee rather than arguing. All that creditor wants is “their money”. Don’t believe me – just ask their collection agents. Today, it is an extremely rare creditor to have any loyalty to their customers.

You must make informed decisions and determine that is best for you and your family.

The first step is to get good advice about your options. Feel free to call us for your free consultation.

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A Brief History of Bankruptcy
In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into “debt slavery”, until the creditor was paid via their physical labor.

Read More by visiting “History & Religion of Bankruptcy” 

Most of us have lost all compassion for those in need. We read the bible, we listen to our preachers and teachers preach the value of giving to others, but do we really care?
Think about the information you are giving this stranger: all your financial information, your children’s names, bank accounts and your social security number. You do this without the slightest guarantee that the information will be kept safe.

Read More by visiting “Root of all Evil: Credit has Taken the Place of Money”

By RON LIEBER, New York Times, Published: May 1, 2009 (provided here solely for educational purposes).

This week, yet another Washington debate over who deserves a break on their debts drew to a close. On Thursday, the Senate voted against allowing judges to adjust the terms of the mortgages of people filing for personal bankruptcy.

Read More by visiting “Does God Want You to Be Bankrupt?”

The bankruptcy laws were formulated to give the honest debtor a “fresh” start.
bankruptcy

Please – I don’t want to be afraid to answer my phone or door.

Bankruptcy is not intended to give debtors an unfair advantage over their creditors. This requirement comes from the United States Bankruptcy Code, Title 11 of the United States Code, and it is not intended to protect the debtor who has acted in bad faith in an attempt to defraud creditors.

Read More by visiting “How Does Bankruptcy Work and What Is It Intended to Accomplish?”

creditors with no regard

History of the usury

USURY can be traced back 4,000 years. It has always been despised, condemned, restricted or banned by moral, ethical, legal or religious entities. The oldest references to usury are found in religious manuscripts of India, dating back to 2000-1400 BC where the ‘usurer’ is associated with any interest lender. In the Hindu Sutra (700-100 BC) as well as in the Buddhist Jatakas (600-400 BC) there are many references to the payment of interest, along with expressions of disdain for the practice. Vasishtha, a prominent lawmaker of the era, drafted a law that banned the high caste Brahmans and Kshatryas from being usurers or money-lenders. In the second century AD, the term usury becomes relative, meaning that interest above the legal rate could not be charged; that would be a usurious loan.

No one wants to file bankruptcy. Having said that, and in order to protect your health and peace of mind, along with that of your family, bankruptcy may be your only option.

Very few of us have the ability to completely control the financial part of our lives. Companies fail, jobs are lost, people get sick and families are broken.

Clients from all across Arizona have put their trust in us

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