On Thanksgiving, I’m mindful of how precious the American approach to insolvency is.
In the U.S. a bankruptcy discharge provides the proverbial fresh start to move forward with life. Money troubles do not have to cloud a life forever.
Bankruptcy is widely available and broadly effective in getting people a fresh financial start.
On the individual level, bankruptcy relief ends worry, stress, living on the financial brink.
On the societal level, a fresh start keeps the indebted from disappearing into the economic underground.
It enables people to refocus their financial priorities on providing for family security, health and retirement.
It lessens the sting of a failed business venture. It allows the failed entrepreneur to shake off the effects of the unsuccessful business and position herself for the next great idea.
One of my favorite commentators, Tom Friedman of the New York Times writes that humane bankruptcy laws are one of the key drivers for a country’s success in the global economy. Letting people fail, wipe the slate clean, and start over encourages risk taking and innovation.
Personally, I’m thankful for a profession where I can contribute, with speed and certainty, to a better financial future for my clients.
And I’m thankful for the collegiality of the bankruptcy bar and the competence, honesty, and engagement of bankruptcy judges.
We are blessed.
May we continue to enjoy the rule of law.
Image courtesy of HaPe_Gera.