I Have Come To The Conclusion

[cassa333]

That life must be so much better if you just don't give a toss about paying your debts.

If all you have to do is go bankrupt why live within your means? If you've never been able to get a loan or mortgage your not going to miss the facility if it's taken away as an option!!

If you live your financial life by the seat of your pants bankruptcy is a doddle. Rack up debts, go on lovely holidays live the high life but it's OK because you don't actually have to pay for it. Just go bankrupt.

For those of us used to paying our way, getting and paying loans or mortgages and finance etc the concept of bankruptcy if a frightening thing. but if you don't have much your debt worries evaporate after a year and you can start the process all over again.

Wish I didn't give a toss. There are plenty of things I fancy having a go at but simply can't afford it.

[woofgang]

I have never done it but have known people who have done it and people who have considered it....its not that easy or pleasant.

[anneasquith]

If that is you're conclusion. You could go down that road .!!!

[Islay]

You OK Cassa?
Is this to do with your troubled tenant?

[sunny-dave]

Individual Bankruptcy seems to have become a far too easy (and prevalent) way to avoid debts. I'm not saying it's pleasant, but it is misused.

Bankruptcy should only be an option where a genuine trading business has failed - otherwise debts should be enforceable (even if very slowly) for many years.

[albaqwerty]

been there, done it, got the t-shirt.
Tried for years to get out of the hole, last option was bankruptcy.
Not pleasant.

[Jackdaw33]

There is another option these days. Can't remember the correct name but it concerns voluntary insolvency, which is not the same as bankruptcy although has many of the drawbacks.

[cassa333]

Agree with you Sunnydave.

Yes Islay, tenants are looking to go bankrupt so they don't have to pay their debts. Mostly to me.

It is a last resort for the likes of people that are used to paying their way. Having not been in debt (well I had a £500 overdraft in my early 20s that I paid off over a year) I would be mortified to be so in debt that I had to go to bankruptcy. It would be very hard because that is not the life I lead.

But to some people it is the quick option. No one knocks on your door any more, what little money you have is all yours and not paid out to debtors, after a year the debts are written off, after six years the bankruptcy is discharged.

Why should people be allowed to rack up debts but not have to pay them back? How is that fair?

[albaqwerty]

I hasten to add that the debts were not, I repeat, were not, through high-living, ill health and legal arguments over insurance not paying out didn't help the situation at all.
Different subject I know, insurance companies happy to take your money yardy etc.

Cassa, it's so unfair, do hope you get justice tho

[Jackdaw33]

The downside of bankruptcy is you will not get credit, on which so many people rely today.

[Peter Pedant]

cassa you might at least read ( or try to read) some of the posts on your 'troubled' tenants

jackdaws other things is an IVA
which is where my errant tenant is
I applied for bankruptcy but this was turned down by the insolvency practitioner under current rules

and so do I want to be her - No Thank You ! I would rather be the creditor TBH

anyway your awful tenants havent said they are insolvent have they?

[Jackdaw33]

That's what I was thinking of, PP, Insolvency Voluntary Arrangement.