Do you know that Abraham Lincoln was a bankruptcy lawyer? That’s right. In 1841 Honest Abe was practicing law in Springfield Illinois. Congress passed a bankruptcy act, and there was an economic depression. A lot of people just like you came to Abe’s law office on the 2nd floor, near the courthouse in Springfield, and filed bankruptcy to get a fresh start.
Lincoln had experienced financial failure, when he was running a general store in Salem Illinois.
He did not have modern bankruptcy rules to protect him. Lincoln had to sell his stake in the store and after his partner died. He was responsible for approximately $1,000 in back payments. Lincoln was sued by his creditors and was required to pay the debt over a 17 year span.
Now, you can stop creditors from suing you and taking all of your belongings, by either Chapter 7 or Chapter 13 bankruptcy protection.
Lincoln and his law partner Attorney Stephen Logan handled more than 70 bankruptcy cases in the year and a half that the bankruptcy law of 1841 was in effect. Over half of all of Lincoln’s law cases during his career before he was elected president involved debt collection, or defense against collections.
Thankfully, we have bankruptcy law in place to protect assets and provide a fresh start. If Lincoln had the same rules we do today, he could have retained his assets (a horse and some survey gear) and repaid his debt over 3- 5 years, instead of 17 year plan.
Attorney Peter Francis Geraci has little Lincoln connection! His great great grandfather, Francis a Hoffman, was one of the founders of the Republican Party in Illinois, and ran for Lieut. Gov. on the Lincoln presidential ticket, serving as Lieut. Gov. of Illinois during the Civil War.
Do you need relief from your creditors? Geraci Law is ready to help. Attorneys and staff are well-educated in complicated bankruptcy rules and ready to assist you in debt relief.
If you are working full time, and have debt, just dial 1-800-CALL-PFG for a free phone mini-consultation or log on to infotapes.com to make appointments online 24/7.
Read more at www.bankruptcybookbypeterfrancisgeraci.com