Bankruptcy laws are an American strength
By Cathy Moran, California bankruptcy lawyer on Apr 24, 2008 in General Bankruptcy Information
The Week magazine reported that annually, 10,000 Indian farmers kill themselves because they can’t pay their debts. What kind of bankruptcy is available in India, I asked myself. Short answer, after 10 minutes of internet search, I don’t know. That suggests to me that a vigorous bankruptcy system is not part of the Indian economic system or a discussion about it would have been more accessible via Google.
I’m sure that there are suicides in the US caused by debt. But the tragedy of 10,000 families a year left without a breadwinner because of hopelessness about debt just overwhelmed me. And reminded me of the wisdom of the American Founding Fathers who authorized uniform bankruptcy laws in the Constitution.
Tom Friedman, New York Times columnist, constructed a mythical world economy at the conclusion of his book The Olive Tree and the Lexus. An economy designed to prosper in a world of globalization, he posits, would have generous bankruptcy laws, where risk taking is not permanently disabling. Or fatal.
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