At Least We Don’t Have Debtors’ Prisons….
By Nicholas Ortiz, Boston Bankruptcy Attorney on Feb 20, 2009 in General Bankruptcy Information
This New York Times article describes how foreigners are now fleeing Dubai to avoid debtors’ prison. Dubai’s economy, heavily reliant on real estate, is crashing and as many as 3,000 cars are purportedly abandoned at Dubai Airport, left behind by “fleeing, debt-ridden foreigners.” A stark sign of the times, to be sure.
It makes one appreciate bankruptcy, which exists in most of the developed world for people who cannot pay their debts. Debtors’ prisons were abolished in the U.S. on the federal level in 1833 and most states followed suit soon thereafter.
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