Debt Problems of the Founding Fathers

Maybe the Reason the Founding Fathers Included Bankruptcy in the Constitution

The founding fathers were the architects of american government, and we generally remember them as great infallible men.  Yet several of them had personal financial problems that in today’s world would cause them to consult with a bankruptcy attorney.

One of the founding fathers, Thomas Jefferson, the author of the Declaration of Independence, incurred massive amounts of debt throughout his lifetime.  Part of this was due to the debt he inherited from both his father-in-law and a friend for whom he co-signed a loan.  Another cause of his debt was his opulent lifestyle and spending.  Jefferson had expensive tastes and lived beyond his means for most of his adult life.  In 1819 a financial panic struck the nation, making Jefferson’s financial situation even worse.  By the time Jefferson died he owed over $800,000 to creditors, the equivalent of nearly $2 million today.

James Monroe, the 5th President and a tobacco farmer like Jefferson, suffered financially when the price of tobacco bottomed out.  Monroe also incurred large debts by living beyond his means.

If you are seeking financial independence like the founding fathers did, call the Ohio Estate Attorney David J. Smith at (937) 318-1529 and find out how you can liberate yourself from debt!