Paisimao

Understanding Bankruptcy

Written on November 27, 2011 – 7:34 am | by admin

The word bankruptcy comes from Latin roots. A bancus is a bench or a table in Latin, which refers to a bench that bankers of old would use to do their business on. Bankers in the earlier years of banking would use a bench upon which they would set up to do their banking in public places such as markets and fairs. So bancus has become the “bank” part of “bankruptcy.” Interestingly, the “-ruptcy” part of the word then comes from the word ruptus, which means broken in Latin (kind of like ruptured). If those old bankers from the early days failed at their banking business, they would take their bench or table (his bank) and break it, signifying that he was no longer able to do business.

For families whose businesses or financial dealings have failed, it probably is not inaccurate to say they would like to break a bench, table, or something else to ease the stress of it all. Getting deep into debt with seemingly no way to get back out of it can put huge strains on a person’s mental well being. Many times, people will dig in and fight til the bitter end to avoid going into bankruptcy but as the debt mounts and the payments can’t be met on time, that can become an impossibility for some people. Especially for those people who then suffer a badly timed lay off when the debt is getting insurmountable, filing bankruptcy is probably going to be the best answer, if not the only one.

At times like these, getting an Orlando bankruptcy lawyer will make the whole process go much more easily. A lawyer can interpret all the different laws and paperwork things for you. Maybe bankruptcy was a word you never wanted to know, but if it becomes a necessary part of your vocabulary, get some help to understand it all.