Well before he entered politics, Abraham Lincoln co-owned and operated a little convenience store in New Salem, Illinois. To the future benefit of the nation, Lincoln’ acumen for business was somewhat lacking and his store went under, according to Bankruptcies and Money Disasters of the Rich and Famous by Roland Gary Jones, Esq. Thus, our yet-to-be 16th president tried his hand at politics instead when he campaigned for and won a seat on the Illinois State Legislature.
Though his political career was now underway, Lincoln continued to struggle with the immense debt he had incurred through his failed business venture. Creditors even went so far as to sue Lincoln for his nonpayment on those debts. When those debts could not be called in, Lincoln’s property was seized by the sheriff and sold at auction. Since he did not have much in the way of property, a sizable portion of Lincoln’s debt remained.
Without the possibility of filing for bankruptcy, Lincoln had to work out a repayment plan with his creditors himself. In all, it took Lincoln seventeen years to pay off his debts.
Fortunately, there are legal means of protection these days when you are struggling to handle overwhelming debts. Contact Erin B. Shank, PC, today by calling 254-296-1161 to discuss whether bankruptcy is the right option for you.