Golden Rules

What Im talking about in the video here is what bankruptcy is really about. All areas of the law, whether bankruptcy or some other kind of law, is about justice. Thats why our application of laws is called the justice system. When you took on each of your debts contract law applied. Each transaction was a legal one: a contract. The field of contract law is complex and there are numerous exceptions for honoring contracts even apart from bankruptcy law. There is a very developed list of Defense categories to contracts. Yet contracts is just one major division of legal doctrine. There are torts, property law, constitutional law, business law, probate and trusts and the list goes on. What all these legal spheres have in common is the goal of social order and justice. Bankruptcy laws aim is exactly the same. However, in order to accomplish its aim bankruptcy law has to cut across many established principles of tort, contract and other legal fields. It turns many other legal discip lines on their heads. But remember, it is the same legal system. There is a reason bankruptcy law is allowed to do this.

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