Bankruptcy

[tigwig]

What are the implications of going bankrupt? Not that I am I am just wondering. You read stories in magazines and it sounds like an easy cop out. People spend thousands on cards etc, buy whatever they like go on luxury holidays then realise that they owe �50000! So they declare themselves bankrupt and won't get credit for a few years and the debt is written off. Is that really what happens? It comes across as that when you read it. If so why don't we all do it?!

[Buenchico]

With a few basic exceptions, such as clothing, bedding and furniture (as well as 'tools of a trade', where applicable), bankrupts lose all of their possessions. They also lose their interest in their home which (if they own a property outright or have a mortgage) normally means that they'll actually lose the house.

Bankrupts also lose their interest in any business that they run, which usually results in the closure of the business. They also face considerable difficulties in opening and operating a bank account. See here for full information:
http://www.insolvency.gov.uk/pdfs/guidanceleaf letspdf/guidetobankruptcy.pdf

Chris

[RevFunk]

I could tell you my story with debt, but then will get told off lol.

It's far easier not to go bankrupt but to just do nothing