anybody ever declared bankrupt?

[sniffy]

Who pays for that debt to be wiped?

 

[Deluxe1]

Who pays for that debt to be wiped?

Whichever credit company you owe money to just accepts it wont be getting whats owed and closes the account and takes the loss on itself.

 

[turboshed]

my deer mother told me not too long ago that her sister declared bankrupt years ago (must be at least 10 years min) and she couldn't get a bt house phone in her name due to her declaring bankrupt in the past, i don't know the full inns and outs.
I wouldn't of thought you would want to declare yourself bankrupt unless you really had to as it might come back and bite you later on down the line

 

[dannyjo22]

Excuse my ignorance. I'm assuming the parents need to pay back what they owe eventually?

No as Deluxe said it got wiped. £50 a month for 3 years. So what £1800 total they re-paid. It was a joke. Plus they knew it was coming so they stopped banking money. Cash under the mattress kinda stuff. Once his career was repo'd he went a bought another cheaper run about.

As I said at the time it got on my **** because he then had so much disposable income and had learnt nothing. He wasnt ever going to buy his own property anyway.

 

[sniffy]

I see Thanks for the info. I was dreading the tax payer bailed out people who go bankrupt.

I'm surprised banks don't harass these people until the day they die to be honest.

No as Deluxe said it got wiped. £50 a month for 3 years. So what £1800 total they re-paid. It was a joke. Plus they knew it was coming so they stopped banking money. Cash under the mattress kinda stuff. Once his career was repo'd he went a bought another cheaper run about.

As I said at the time it got on my **** because he then had so much disposable income and had learnt nothing. He wasnt ever going to buy his own property anyway.

Yeah that is a joke. I know the penalties are severe but it's a spit in the face to people who can actually manage their own money.

 

[Cheekykid]

So being declared bankrupt simply means your debt is cleared, and you have a bad credit rating for a few years?

Is there much of a downside to it at all? lol

Too right

but what if you owe 30k+ to various cc companies? An official bankrupt statement sets you free?

 

[NightSt@lk3r]

I'm surprised banks don't harass these people until the day they die to be honest.

they harassed my mum for weeks after she died.

 

[Azza]

Excuse my ignorance. I'm assuming the parents need to pay back what they owe eventually?

Even is they did, which is the case with some debts isnt it?

What would happen if you got emancipated from them, then what would they do?

 

[Baz]

I see Thanks for the info. I was dreading the tax payer bailed out people who go bankrupt.

I'm surprised banks don't harass these people until the day they die to be honest.



Yeah that is a joke. I know the penalties are severe but it's a spit in the face to people who can actually manage their own money.

It's not always down to people who can't manage their money, it could be bad financial decisions, like being given bad advice on property, or a small business struggling, and now with interest rates rising and people being given stupidly large mortgages and loans, it will increase. I partly blame the banks, making it too easy to get money on tick.

 

[Belly]

I wouldn't of thought you would want to declare yourself bankrupt unless you really had to as it might come back and bite you later on down the line

Of course the old alternative was debtors prison - three square meals a day (porridge more likely) and someone to tuck-you-up in bed every night

http://en.wikipedia.org/wiki/Debtor's_prison