The History of Bankruptcy

You Have the Right to File Bankruptcy

People often worry that filing bankruptcy is morally wrong. However, bankruptcy is a legal debt relief option provided by the federal government for individuals and businesses. You have the constitutional right to file bankruptcy and retake control of your finances.

At Prescott Pearson & Tande, PA, we have been helping people in Minnesota file bankruptcy since 1975. We understand that you have concerns about the consequences of bankruptcy, but we can assure you that there is nothing immoral or illegal about seeking debt relief. Our attorneys can help you learn more about how bankruptcy may be the right solution for you. Please call 651-968-8096 or 888-366-0827 to schedule a free consultation.

Bankruptcy Is a Safe, Legal Means of Debt Relief

Bankruptcy has existed in some form for thousands of years. In fact, forgiving debts is discussed by Moses in the Old Testament in the Bible. Before bankruptcy was officially established, however, many countries utilized methods such as forced slavery or execution to punish debtors. In England and the U.S., debtors' prisons were popular until the 1800s. In these prisons, debtors were treated worse than criminals and were required to provide their own food and clothing.

The U.S. federally banned debtors' prisons in 1833 and began to offer solutions for debt relief instead. The right to file bankruptcy is provided for in the U.S. Constitution. Congress created the modern Bankruptcy Code in 1978 to allow people the opportunity to make a fresh start. Though there have been changes to bankruptcy laws since then, our government still understands that it is necessary to give people a means to solve debt problems.

"This Is All We Do, and We Do It Well."

Call for a Free Consultation Today

  • Minneapolis-St. Paul Area: 651-968-8096
  • Minnesota Toll Free: 888-366-0827

Please call us at the numbers above or contact us online to schedule a consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.