bankruptcy

[Connemmara]

Without a long story can somebody tell me what bankruptcy truly means. My friend says that anyone bankrupting themselves have a stash somewhere.

[dothawkes31]

'anyone' or 'everyone' ? Some possibly,I don't doubt it, the ones that have gone bust for millions ,maybe.

[Greedyfly]

If you bankrupt yourself you cannot have money stashed away. You cannot have assets like a house or an expensive car.

http://www.direct.gov.../Bankruptcy/DG_187323

[Connemmara]

well knowing this fellow who is about to declare bankruptcy - I dont believe for one minute that he has NOT money stashed away - I think he has his finger dipped in one or two projects or three or four

[Bbbananas]

Bankruptcy, for most, is a very stressful thing to do go through, and a decision not taken lightly or without much thought. Most people going through it (particularly personal bankruptcies) are scared, and sometimes ashamed.

I am sure there are some who have money stashed or secreted away, but if they are found out the penalties are severe.

[ummmm]

You put everything in someone elses name. You have to trust them though...

[Bbbananas]

That's if you've got anything to put under anyone else's name....

Usually, if you're going bankrupt, it means you've got...... no money.

[ummmm]

I know a few that have gone bankrupt and still had plenty of cash.

[Bbbananas]

I bl00dy wish I had.....!

I don't doubt it for a second ummm. I should have gone on a spending spree (oh, hang on, I did....!) and gave my kids my life savings (oh, hang on, I did - precisely nothing). x