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THE HISTORY OF BANKRUPTCY, BY RET. JUDGE RANDOLPH J. HAINES, ARIZONA BANKRUPTCY JUDGE

USURY – HISTORICAL REFERENCES AND BANKRUPTCY

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.

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

gluttonous pig in barrel surrounded by foodThese 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.

man fondling money, yelling "it's all mine"

Greedy lawyers

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.