Abraham Lincoln – Bankruptcy Lawyer

Of all the lawyers that came before me – Abraham Lincoln is my role model.  Early in his life he faced financial ruin, but preserved.  Hence the “honest Abe” moniker.  Abe was truly a spokesperson and advocate for the people.  He represented 4,000 to 5, 000 clients; the majority of which were debt related issues.

“Discourage litigation.  Persuade your neighbors to compromise whenever you can. Point out to them how the nominal winner is often a real loser — in fees, expenses, and waste of time.”  Abraham Lincoln

Here is a wonderful article by Joel M. Aresty about our 16th president’s professional and private life before the White House.  This article is also a great summary of the early development of the bankruptcy laws.
Bankruptcy laws have gone through significant changes since our national Constitution became law in 1783.  The Constitution provided that Congress was to create laws relating to bankruptcy (Article I, section 8), but Congress did not pass a bankruptcy law until the Bankruptcy Act of 1800.  This law was very creditor friendly and only provided for involuntary bankruptcies of business debtors.  In  1841, in response to the financial crisis gripping the nation, Congress passed the Bankruptcy Act of 1841.   Unlike the prior law which was limited to business debtors, this new law opened up bankruptcy as an option individuals to file voluntary bankruptcies and receive a discharge of their debts.
The bankruptcy laws have gone through other changes, but none as significant as the change to allow individuals to file voluntary bankruptcies.  I am often asked “what type of people file for bankruptcy?”  My reply – “people like you, your neighbors, family and friends”.  Bankruptcy is never a goal, it is usually the best choice of several bad options.
I laughed aloud when I read Lincoln partner’s description of his style of office and paper organization.  “Lincoln had always on the top of our desk a bundle of papers into which he slipped anything he wished to keep and afterwards refer to. It was a receptacle of general information. Some years ago, on removing the furniture from the office, I took down the bundle and blew from the top the liberal coat of dust that had accumulated thereon. Immediately underneath the string was a slip bearing this endorsement, in his hand: ‘When you can’t find it anywhere else, look in this.” 

I looked to the side of my desk at a similar stack and thought about leaving the same note at the bottom of the stack.  Diane

The post Abraham Lincoln – Bankruptcy Lawyer appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.