can someone tell me about bankruptcy?

cm1179

cm1179

cm1179

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not that i am in any danger of going bankrupt nor do i feel i ever will be BUT i am interested in it as (and no disrespect meant to anyone who has gone bankrupt - apologies to the starter of the chap who has just got his bike licenece) but from what i can gather it seems a bit of a cop out on the behalf of the individual but more importantly, this country.
i have a friend whose brother got into a lot of debt, went to NZ 10 years ago and now lives of there, married with 3 kids. he has been back to this country once about 5 yrs ago (would there have been notihing on file to alert the banks he was back in the country) but essentially, he will not be paying anything back.
is it that easy to run up a lot of debt and get away with it, skimp by for 7 years and then be able to start a fresh?
 
Im pretty sure if you declair yourself bankrupt you can say goodbye to ever getting credit again.

Not sure if it would effect you if you moved away, id guess not tho.
 
I knew a bloke a few years ago who in the past had owned several businesses which all eventually went bust resulting in him filing for bankruptcy, at the time of my knowing him he was driving around in a hired Ferrari (not sure what model but definitely a supercar like the F40/F50) and the last I heard his business folded again and he presumably filed for bankruptcy.

This guy seemed to make a career out of it.
 
Surely something like Bankruptcy is a bigger deal than just "Rubbish credit for a few years"?

I recall on previous job applications there being questions such as "Have you ever been declared Bankrupt?" and seeing as they were usually positioned alongside the usual "Do you have any criminal convictions?" I'm assuming ticking Yes would have a negative effect.
 
Certain jobs you can't have if you are declared bankrupt.

Police, Military Forces, Solicitors and accountants are a few examples.

Bankruptcy really is becoming a rinse and repeat thing for some people.
 
Neodite said:
Im pretty sure if you declair yourself bankrupt you can say goodbye to ever getting credit again.
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A friend of mine was bankrupted around 10 years ago after a company he was doing work for went bust. He's not employed rather than self-employed, has a few credit cards, a loan and a £250K mortgage.

Once the 6 years have been 'served' you're good to go.
 
Fegruson said:
I think you'll find, that going through the stresses of bankruptcy will teach you a lesson, and almost always prevent you from ever getting in that situation again.
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lol

Nothing stressful about it. Few debt collectors here and there that get gagged by the courts.

Pay off about 10p for every pound, try find anywhere else that offers that kind of discount on purchases.

Bankruptcy is trendy it seems.
 
Gornall said:
Certain jobs you can't have if you are declared bankrupt.

Police, Military Forces, Solicitors and accountants are a few examples.

Bankruptcy really is becoming a rinse and repeat thing for some people.
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I know of solicitor who has been declared bankrupt twice in the last 2 years who is still working as one.

You just need to have it signed off form the law society or something that you are able to practice again.

The first time it took them 8 months or so to grant him permission to practice again, the second time it was done the same day!
 
Ev0 said:
I know of solicitor who has been declared bankrupt twice in the last 2 years who is still working as one.

You just need to have it signed off form the law society or something that you are able to practice again.

The first time it took them 8 months or so to grant him permission to practice again, the second time it was done the same day!
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that's a bit strange, I'd think that if you can't handle your own money how can you be trusted with someone else's?
 
Gornall said:
lol

Nothing stressful about it. Few debt collectors here and there that get gagged by the courts.

Pay off about 10p for every pound, try find anywhere else that offers that kind of discount on purchases.

Bankruptcy is trendy it seems.
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Bankruptcy can be stressful. And it isn't just a cop out for people that decide to get into debt that cannot afford to pay it off.
 
Seems most people have the impression that everyone who's been made bankrupt is some sort of swindler that's driving around in sports cars, deliberately milking the credit companies for every penny, with no intention of earning what they're spending. That's just not the case for a lot of people. The public opinion of what bankruptcy is and means, is rather contorted in my opinion.

Example...after finishing uni, I moved into a new flat for several months before going to live abroad for a couple of years. There was a whole carry on with the council tax as it was a brand new flat and we moved in long before the flat was technically in existence (had no post code ect). I was in "negotiations" with the council who were basically asking me for twice the amount I owed for the duration of the stay in the flat, and were never really resolved before I went abroad. Long story short, when I came home I found a total of two letter's waiting for me at my parents house. The first was one from the council telling me that they would be taking me to court for all the money they "thought" I owed, and the second was one from the accountant in bankruptcy informing me that I was now bankrupt. The total they thought I owed them was just over a grand. The amount I actually owed was less than half of that, which incidentally was less than the legal amount they could make me bankrupt for owing.

Now I'm not saying I'm blameless here and although I was always more than willing to pay what I owed, they made it impossible to do at the time. Clearly I should have made the effort to keep track of the matter when I was abroad but hey, I was young, mostly drunk, and off exploring the world!

For the last year I've been in the process of trying to have the bankruptcy annulled which I'm told given the circumstances along with the council's biblically large cockup with the amounts in the first place, is pretty much guaranteed. Really annoying how long it takes for all the pathetic paperwork to go through as I've had to put a pin in my life until it's sorted.
 
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Aye blady council are annoying. Mine sent me court date after the actual date. How the **** do you deal with that?
 
Clum said:
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It is seen as an easy way out though.

People aren't bothered about going bankrupt. I agree there are exemptions but working as a debt collector we endlessly hear "I'll go bankrupt and you won't get a penny".

Its too easy to go bankrupt, and the ramifications of doing so are pathetic.
 
mmj_uk said:
I knew a bloke a few years ago who in the past had owned several businesses which all eventually went bust resulting in him filing for bankruptcy, at the time of my knowing him he was driving around in a hired Ferrari (not sure what model but definitely a supercar like the F40/F50) and the last I heard his business folded again and he presumably filed for bankruptcy.

This guy seemed to make a career out of it.
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In this situation I'd imagine it's the businesses (which will be limited companies and hence a separate legal entity) and not the indivisual who would have gone bankrupt.
 
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