can someone tell me about bankruptcy?

Killerkebab said:
You're right. Giving up every asset you possess, any chance of credit in the foreseeable future and a miserable time getting back on your feet is too easy. In fact, lets all do it!
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Fact is a huge amount who go through bankruptcy don't have assets.

Like I said, there are exeptions but truth is the banks would have your house for defaulting on a mortgage anyway and if you have sizeable assets you shouldn't be in getting in to debt.

Most have these "assets" on credit. Too right you should give them up and 6 years you can start again.
 
Gornall said:
Fact is a huge amount who go through bankruptcy don't have assets.

Like I said, there are exeptions but truth is the banks would have your house for defaulting on a mortgage anyway and if you have sizeable assets you shouldn't be in getting in to debt.

Most have these "assets" on credit. Too right you should give them up and 6 years you can start again.
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Do you have any proof for these facts? Or is it because you're a debt collector, you just "know" that these people who all claim they will go bankrupt, have no assets.

Have you not thought that because you are a debt collector it may have made you naive a little, after all you deal with people who are bad at managing their money quite often.
 
Fegruson said:
Do you have any proof for these facts? Or is it because you're a debt collector, you just "know" that these people who all claim they will go bankrupt, have no assets.

Have you not thought that because you are a debt collector it may have made you naive a little, after all you deal with people who are bad at managing their money quite often.
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Well who else is going to come accross those filing for bankruptcy. It all comes through debt collectors at some point.

I see hundreds of these bankruptcy reports a day (literally) majority of which result in no dividend paid, and no assets released.

If they have assets they get an IVA, Debt Management so they don't lose them.

The government gives way too much help to those that abuse the system, thats not just true in terms of credit neither. The fact that the reason given can be "over commitment" is pathetic.
 
Bankruptcy is not always by people who have spent irresponsibly and ran up huge credit card debts - in my home life I have never had a lot on finance as I prefer to pay for what I buy outright.

For me it was definitely the last resort once I had exhausted all other options.

On 1st Jan 2009 I had a successful business, a mortgage, wife & kids and a nice car with a decent standard of living. Now though, through a series of events which is a bit much to go into on here, I lost everything and ended up with huge debts - plus my house is in the process of being repo'd and that could quite easily add a considerable amount more to the debt.

The court fee alone cost me £600 and I had to sell my bike to partly pay for that so that's any more cycling out of the window until I get firmly back on my feet.
 
Joebob said:
Bankruptcy is not always by people who have spent irresponsibly and ran up huge credit card debts - in my home life I have never had a lot on finance as I prefer to pay for what I buy outright.

For me it was definitely the last resort once I had exhausted all other options.

On 1st Jan 2009 I had a successful business, a mortgage, wife & kids and a nice car with a decent standard of living. Now though, through a series of events which is a bit much to go into on here, I lost everything and ended up with huge debts - plus my house is in the process of being repo'd and that could quite easily add a considerable amount more to the debt.

The court fee alone cost me £600 and I had to sell my bike to partly pay for that so that's any more cycling out of the window until I get firmly back on my feet.
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Granted - but unfortunatly for every person whos come to it through unfortunate circumstances there 2-3 people who've come to it through their own self-centered lifestyle.
 
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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you really have no idea how persistent companies have become with debts

Take this as an example

http://www.dailymail.co.uk/news/art...ifax-court-bank-harassed-762-phone-calls.html

They changed their phone number, but halifax just found their new one and carried on calling them.

It wasnt "just pased onto a collection agency" at all.
 
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Fegruson said:
Do you have any proof for these facts? Or is it because you're a debt collector, you just "know" that these people who all claim they will go bankrupt, have no assets.

Have you not thought that because you are a debt collector it may have made you naive a little, after all you deal with people who are bad at managing their money quite often.
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Have a read of this from the nation debtline

http://www.nationaldebtline.co.uk/e...?page=35_options_for_paying_back_your_debts#5

If you have any equity in your property (ie your house is worth more than the mortgage) you will be forced to sell the house if you get declared bankrupt to release that equity.

edscdk said:
but once you are bancrupt there is no debt left, the process of going bancrupt sorts that out?
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how long will people have been not paying before they declare bankrupt ?

Most dont run up thousands of pounds worths of debts over a week then declare themselves bankrupt. The stress is the harassment beforehand. They usually declare themselves bankrupt to put an end to the constant harassment.

Rroff said:
Granted - but unfortunatly for every person whos come to it through unfortunate circumstances there 2-3 people who've come to it through their own self-centered lifestyle.
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and you think of those 2-3 people who did, they wouldnt have been in that position had they not been given thousands of pounds worth of credit that the banks knew they could never hope to pay back ?

Of those 2/3 most wont enjoy being in debt, and through their own fault or not, its just as stressfull for most as people who got into those circumstances through bad luck.

Its very easy to pour scorn on others from your ivory tower.
 
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MrLOL said:
Have a read of this from the nation debtline

http://www.nationaldebtline.co.uk/e...?page=35_options_for_paying_back_your_debts#5

If you have any equity in your property (ie your house is worth more than the mortgage) you will be forced to sell the house if you get declared bankrupt to release that equity.
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if its your company (and limited i think) that goes bancrupt you dont have to do that... you can keep your house and jsut start a new company with almost the same name and the same customers selling the same things from the same suppliers...

I know someone who did it a few years back..
 
infact I know several people who went bancrupt thing about it...

2 sold company assets to themselves really cheap, I don't know how they got away with it.. but they did...
 
edscdk said:
infact I know several people who went bancrupt thing about it...

2 sold company assets to themselves really cheap, I don't know how they got away with it.. but they did...
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that is their company want bancrupt not them personally... (ie the company they owned and run)
 
the type of scenario you're talking about is the minority one.

The vast majority of people being declared bankrupt took on too much debt that the banks were only too happy to give them what they couldnt afford a few years ago.

yes they should have been more strong willed, and not got themselves into debt, but nobodys perfect.
 
MrLOL said:
the type of scenario you're talking about is the minority one.

The vast majority of people being declared bankrupt took on too much debt that the banks were only too happy to give them what they couldnt afford a few years ago.

yes they should have been more strong willed, and not got themselves into debt, but nobodys perfect.
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A friend of mine did such a thing.

Went through uni living the high life, took out a graduate loan and then declared bankruptcy. He had no assets being fresh out of uni and they can't exactly take away the 1 thing he has, his Masters degree.

And a couple of years ago, another friend had an argument with him over this. About how unresponsive he has been, said other friend earns a good living being self employed and pays his taxes. And was asking how the bankrupted mate why doesn't he feel bad one bit, about how he basically borrowed all that money and drank it in london's trendy bars and clubs and then not pay it back. They are still not on good terms now.

He then spends the next few years living at home, or rent with his gf using her name with the landlord, even bank accounts are in his parent's name. And they even got a house, but its also in her name since when they got it, he couldn't get a mortgage.

I think the 6 years is just about up now, but he can't be a director of a company for life, and the bankruptcy will always on his record.
 
the important thing is if he learnt from the experience. If he has, then although he's not had to pay it back, it's still served a purpose.
 
MrLOL said:
you really have no idea how persistent companies have become with debts

Take this as an example

http://www.dailymail.co.uk/news/art...ifax-court-bank-harassed-762-phone-calls.html

They changed their phone number, but halifax just found their new one and carried on calling them.

It wasnt "just pased onto a collection agency" at all.
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I'm a debt collector mate, so I have a fairly good idea of how persistent we are.

So you think the thing wrong with that is that Halifax found a number to ring them to get money back that they owe?

Not that they changed the number and hope it would stop everything. If dailymail is being quoted as a source it is sad times indeed.
 
the halifax had a court order brought against them. The court agreed the frequency with which the couple were persued was illegal.

However halifax breached the court order.

Sad thing is, this was the banks own "collections department" not a debt collection agency.

http://www.dailymail.co.uk/news/art...k-hounding-terminally-ill-customer-debts.html

Twice they had promised they would stop, and agreed what they were doing was wrong. yet they still carried on. Its actions like these that cause people to commit suicide.

http://www.thisismoney.co.uk/credit...ticle.html?in_article_id=410676&in_page_id=62
 
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