Bankruptcy Lets You Be a Human Being Again
Video Transcribed: Oklahoma Bankruptcy Attorney Edward Kelley here, answering your bankruptcy questions with oklahomacitybankruptcyattorney.pro. And as I’ve done a lot lately here, poolside sheltered in, more attorneys around me getting sick, having contacts. So I’m keeping it sheltered in. So last video, I said at the time I put some 2 cents in, instead of talking nuts and bolts, my thoughts about some of the morality of an Oklahoma bankruptcy.
I’m a staunch defender of it. If you saw my last video, you know that already, I talked about what’s wrong with bankruptcy. And I said, “Nothing.” Everybody should have a chance to start over even two or three chances. As long as you come in with the intent. Now, the only thing I’d say is wrong is if somebody is intentionally psycho pathologically entering into debts, knowing that they can use a bankruptcy to get out of them. But, you know, I don’t know that I’ve ever met somebody like that.
I certainly wouldn’t represent someone if I knew that was their motive. The 99.9% of people, whether they’ve done it three or four times, whether they can’t seem to turn their life around are doing their best. So I say, there’s nothing wrong with it and what’s right about it. Well, so as you may know, a little American history and certainly English history, European history for hundreds, thousands of years, many societies have debtor’s prisons.
I’m sure some still do. So if you get too into debt first you’re an indentured servant, and have to work in the employ who you owe until the equivalent is paid off and the other would be to go to prison. Still have a little bit of that with fines and costs, where you sit out days in jail to pay them off. Questionably constitutional, but certainly still done.
So they stopped that. Not just because the government cares. We know that’s not always true. I’m not trying to be subversive, often they do care. But it’s not good for society to have people locked up in prison or working for people for no pay to pay off debts and not pumping any money into the economy.
The economy works on stimulation in dollar spent. So, if people are crushed by debt, they basically are taken out of the economy and everybody suffers. So what’s right about it? It puts you back in. So the creditors, yes, of course take a knock, but let’s face it. That’s the cost of doing business.
That’s the gamble they take extending credit. Not saying it’s okay and it’s their fault. But knowing a risk, if you take that risk, there’s a chance your number gets called. So what’s right about it? Well, it makes you a productive member of society, again.
Instead of walking around, stressed out, spending all your money on interest and payments that benefit nobody, but one creditor often at predatory rates. Once again, your money gets out there into the economy and you yourself become once again a happy, valuable member of society.
And these are critical things for a healthy country and a healthy society. So what’s right about it? It’s actually amazing to me that our country has, this. Has this if you want to call it a loophole or this kind compassionate means by which you can pull yourself out of what can be a terrifying, debilitating hole and bring yourself back to being a contributing part of your community.
So I find it to be an absolute good, and I’m very proud to be a bankruptcy attorney and believe me, I try to keep as much of my practice to bankruptcy as I can. And I hope that continues. So what’s right about it? Lets you be a human being again.