Law Office of Malcolm Ruthven

Fresh Start

Fresh Start
A fundamental goal of the federal bankruptcy laws enacted by Congress, our representatives, is to give debtors a financial "fresh start" from burdensome debts. The U.S. Supreme Court made this point about the purpose of the bankruptcy law way back in a 1934 decision: "[I]t gives to the honest but unfortunate debtor…a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt." This is a powerful statement of public policy.

Save your assets!
A Fresh Start works best when you're  left with assets the bankruptcy law allows you to keep. If you've depleted those assets before your discharge in bankruptcy, you've lost one large benefit of bankruptcy that congress gave you.

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