Crosswords0 min ago
Bankruptcy
Is it true that you can run up �25k or more debt, declare yourself bankrupt, and the debt is completely written off?
Answers
Best Answer
No best answer has yet been selected by tamborine. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
-- answer removed --
Yes, but you lose almost all of your possessions including (if you own your house) your home. You also lose your bank account and will find it extremely hard to get another one. Your credit rating will be virtually non-existent for many years to come. There's also a bar to some forms of employment (e.g. working as a financial adviser) if you're bankrupt.
For much more information about the implications of bankruptcy, see the relevant links from this post I provided yesterday:
http://www.theanswerbank.co.uk/Business-and-Fi nance/Personal-Finance/Question777368.html
Chris
For much more information about the implications of bankruptcy, see the relevant links from this post I provided yesterday:
http://www.theanswerbank.co.uk/Business-and-Fi nance/Personal-Finance/Question777368.html
Chris
Agree with you tamb, but if there's a way to be had round these things, you can guarantee that people find it.
The person I was speaking of has no scruples about what she did. She saw it as her only way out, because bailiffs were ready to knock at the door, and as the letters poured in, she'd just throw them in the bin. Can't remember how much it cost her to declare the bankrupcy, but she thought it was money well spent, along with the name change. She then got married and changed her name AGAIN, so feels free of the burden.
The person I was speaking of has no scruples about what she did. She saw it as her only way out, because bailiffs were ready to knock at the door, and as the letters poured in, she'd just throw them in the bin. Can't remember how much it cost her to declare the bankrupcy, but she thought it was money well spent, along with the name change. She then got married and changed her name AGAIN, so feels free of the burden.
Lol - the name change is extra Elvis. The �200 was just a rough estimate of what it cost this person to go to court and declare herself bankrupt. She did tell me, but I've forgotten. The point is, this is just an average person we're speaking of here. Those of a criminal mind get away with much more.
Galling for those of us who pay our way as well Tamb. there are lots of instances where some seem to get out of things and others don't. One example, is we know someone who was faced with crippling death duties to pay. Another person in the same boat somehow managed to get away with paying a fraction of what the first one had to.
It's quite possible that someone can get away with the type of thing you've said, or end up with a measley fine of about �1000 or something. It's like the law which allows someone to drive carelessly and kill someone by accident. Sometimes these people are uninsured or/and have no valid licences, yet still get off with a rap on the knuckles because of how the laws are written.
Yes - listen to Chris. He's brilliant at stuff like this.
Night for now then. x
Yes - listen to Chris. He's brilliant at stuff like this.
Night for now then. x
i was declared bankrupt last august, im self employed and i suffered a heart attack, couldn't work for months and months and found it very difficult to get any help in terms of benefits, i ran up huge debts just trying to live. a big burden was lifted after the bankruptcy and am now trading again and slowly getting back to some form of normality. the benefit system in this country stinks, it seems to help the people who haven't paid in and not people like me who've work all my life, im 61 btw.
