>>"We may consider each generation as a distinct nation, with a right, by the will of its majority, to bind themselves, but none to bind the succeeding generation, more than the inhabitants of another country." TJ
In that particular quote, Jefferson was perhaps cavilling against the fact that he had to pay off the many debts of his deceased father-in-law (although he did not complain about his wife, Martha, inheriting said father-in-law's estate).
And, as we all know, Jefferson himself was so profligate in his spending that his own heirs had to sell all his possessions, including Monticello, upon his death.
Old Tom was a conundrum, for sure.
The truth is that, if you don't pay your debts, nobody is going to loan you money. Hello?
Personal bankruptcy is a very onerous proceeding with many dire consequences, not to be undertaken lightly. One of the worst is that you've destroyed your ability to borrow money without paying extremely high interest rates for those willing to take that risk. It's not a panacea. More like a combination of radiation and chemotherapy for cancer. The cure may be almost as bad as the disease.
You survive, but at great cost.
Nevertheless, I recommend it for those who are in dire circumstances, with the understanding that in the future they will have no choice but to live within their means. You can walk away, but not unscathed. |
