Title: Abraham Lincoln – Bankruptcy
Headings: Abraham Lincoln
Abraham Lincoln
Inside Abraham Lincoln
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Content: Unfortunately for Lincoln, even though the economy was booming his own store’s sales were dismal. As debts mounted, Lincoln had to sell his stake in the store. Later, his business partner died, and the future President became liable for $1,000 in back payments. Lincoln didn’t have modern bankruptcy laws to protect him, and so his creditors sued him and took his two remaining assets: his horse and some surveying gear. He was required to repay his creditors over a period of 17 years, much longer than the maximum requirement in a Chapter 13 today, which is 5 years. If the bankruptcy occurred now, it is likely that Lincoln could have kept those assets as well as discharged his debts. Abraham Lincoln’s bankruptcy issues prove that even the most famous people in America are not immune to bankruptcy. Inside Abraham Lincoln
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