Usury – historical references and bankruptcy

USURY can be traced back 4,000 years.  It has always been despised, condemned, restricted or banned by moral, ethical, legal or religious entities. The oldest references to usury are found in religious manuscripts of India, dating back to 2000-1400 BC where the ‘usurer’ is associated with any interest lender. In the Hindu Sutra (700-100 BC) as well as in the Buddhist Jatakas (600-400 BC) there are many references to the payment of interest, along with expressions of disdain for the practice. Vasishtha, a prominent lawmaker of the era, drafted a law that banned the high caste Brahmans and Kshatryas from being usurers or money-lenders. In the second century AD, the term usury becomes relative, meaning that interest above the legal rate could not be charged; that would be a usurious loan.

No one wants to file bankruptcy. Having said that, and in order to protect your health and peace of mind, along with that of your family, bankruptcy may be your only option.

Very few of us have the ability to completely control the financial part of our lives. Companies fail, jobs are lost, people get sick and families are broken.

The creditors are happy to give everyone credit, whether or not they qualify.

These creditors have no regard for the individual’s ability to repay the credit. In fact, they want the borrower to be late because  the creditor makes more money from a default or overdraft of a credit limit or bank account. As a result, that creditor is betting that they will earn more in interest, penalties, and additional charges from borrowers than they will lose as a result of bankruptcy. They are hedging their bets by issuing as much credit as everyone’s mail and email boxes can handle.

Those same creditors will not work with a borrower who is experiencing financial difficulties.

That creditor doesn’t care if the borrower has never been late.  They use various methods to ensure that the payment is late, such as changing the date or time the payment is due, changing the location where the payment is made, or refusing to accept a payment because they know that 98 percent of all borrowers will simply pay the late fee rather than argue. That creditor only wants “their money.” If you don’t believe me, ask their collection agents. Today, it is extremely rare for a creditor to be loyal to their customers.

You must make educated decisions about what is best for you and your family.

The first step is to seek professional advice on your options. Please contact us for a free consultation.

Arizona Bankruptcy Lawyer

Law Office of D.L. Drain, P.A.


Filing for bankruptcy can be a difficult process. As a well-known bankruptcy attorney, I am here for you and dedicated to treating you with dignity – you are never just a number and a paycheck. Instead, you are an individual with distinct needs. I am committed to assisting you in helping yourself during this difficult time in your life. If bankruptcy is required, it is not the end of your financial life; rather, it is the start of your financial freedom. But when done incorrectly, it is the start of a nightmare. Please contact me (a retired law professor) for a free bankruptcy consultation before deciding on the best path to protect you and your assets.

– Diane L. Drain  Knowledge dispels fear”

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