History of Bankruptcy

[Dallas Bankruptcy Attorney]

Bankruptcy is defined as "a legally declared inability or impairment
of ability of an individual or organization to pay its creditors".
Though a less-than-pleasant experience, it is often an unavoidable
step that enables the debtor to make a fresh start and the creditor to
recoup at least part of the debt. Bankruptcy has got a lot of coverage
in recent times, especially with the worst recession since the Great
Depression of 1929 assailing world economy. However, the history of
bankruptcy dates back at least 500 years to medieval England.

Before we embark on a journey through time to trace bankruptcys roots,
its important to know the origin of the word. The word "bankrupt"
originates from the ancient Latin bancus (a bench or table), and
ruptus (broken). Ancient bankers used to conduct their business at a
bench in public places like marketplaces and fairs. When a banker
failed, his bench (bancus) was broken (ruptus) to advertise to the
public that he was no longer in a condition to do business. Even
today, the word "bankrupt" means the inability of an individual or
company to do business.

For more information, Please visit our website: http://www.markrubinlawyer.com/

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