Commonly derived from the ancient Latin word bancus (a bench or a table), and ruptus (broken). Usually when a banker failed, he broke his bank so as to spread the message and let people know that the person to whom the bank belonged was no longer in a condition to continue the business. Since this practice was common in Italy, it is believed that the term bankrupt is derived from this term banca rotta defining broken bank.
Turning the pages of history, one comes to know about the various ways to punish any man who could not repay his debts, the term bankruptcy was not known to exist. Take for instance, Ancient Greece where a man who was unable to the debts- it was mandatory for him, along with his wife and children to be a part of “debt slavery”, until the creditor received the same not in cash, but in the form of their 'services' rendered as slaves. In many places, the time period for which the debt-slavery could continue, was specified. In harsher conditions, the slavery continued, without any bounds, retained beyond the deadline even if specified.
In the contemporary world, bankruptcy or insolvency is indeed a legal status of an individual, or any institute that is unable to pay its debts, it owes its creditors. The creditors have the sole right to file a bankruptcy petition against a business or a corporate debtor. In the majority of cases, however, bankruptcy is initiated by the debtor, at times a voluntary bankruptcy, may be filed by the insolvent individual or the institute itself.
When in the state of Florida, there is a solution for every existing problem. Bankruptcy Lawyer Palm Beach as well as the bankruptcy lawyer Pompano Beach are there with all tailor-made solutions, just to ease your worries away. They are there to protect your assets, saving your 'haven' from foreclosure.
You need not worry, Florida has a solution for all hose harassing calls that you receive from the creditors, the fear of getting trapped beneath the debts will soon be solved by the bankruptcy lawyer Palm Beach or the Bankruptcy Lawyer Pompano Beach. As long as you are in the state of Florida, there is no dearth of the most qualified lawyers. They can assist you in the filing of bankruptcy, protecting you from the wage garnishment, the real estate disputes, foreclosure protection, giving you the right guidance on debtor/creditor law as well as commercial law. Several people in challenging situations have taken assistance from the lawyers throughout Florida, whether it was the bankruptcy lawyer Palm Beach or the bankruptcy lawyer Pompano Beach, who have the required know-how in order to come to your rescue, and help you take a re birth.
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