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Godblessed
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Posted: Thursday May 19th, 2005 21:42 |
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| Has anyone here ever been bankrupt? If you have, what consequesnces did you go or are going through because of it? Would you recommend it? Thanks in advance.
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BlackMatta
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Posted: Thursday May 19th, 2005 21:47 |
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Last edited on Wednesday March 1st, 2006 20:24 by
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Le Moor
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Posted: Thursday May 19th, 2005 23:25 |
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Bankruptcy should be avoided at all costs.
The consequences mean that for 3 years you will be known as an undischarged bankrupt. You will lose your home and all other assests will be seized to repay the debt.
You will not be able to borrow within that 3 year period. After 3 years you will be known as a discharged bankrupt. You could possibly borrow money but few will be willing to lend. If they do then they will charge interest at its highest rate. You will probably have to always declare that you've once been bankrupt especially for mortgages.
Having said this many a man and women have gone on to success even after bankruptcy. Remember Freddie Laker the airline owner. I have a property developer friend who has turned it around big time since bankruptcy as well. So it is possible but better avoided.
Another option is an IVA. This still should be avoided but is probably a lesser of 2 evils if faced with the choice. IVA stands for Involuntary Arrangement. It is where an agreement is reached between creditors on your behalf. Still bad for your ratings and should again be avoided. Also some unscropulous firms out there offer to arrange the IVA and with their fee and charges etc you could end up with a very bad deal. So seek legal and financial advice before entering into one.
Last edited on Sunday May 22nd, 2005 14:38 by Le Moor
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Dada
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Posted: Monday May 23rd, 2005 23:32 |
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I agree with most of the above only that the Law has changed now and it's only
1 Year for being Bankrupt thereafter your home and dry. Unless you have been bankrupt before then the period is longer.
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Kunjufu
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Posted: Monday May 23rd, 2005 23:37 |
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| I was under the imppression that Bankruptcy had a life long effect of your credit worthyness am i wrong?
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Dada
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Posted: Monday May 23rd, 2005 23:55 |
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Bankruptcy is surrounded in myth and folklore, the Poor house and other dickens tales.
The reality is the Money is a pure creation conjured out of thin air then marked to an account\indidual.
What is required is mainly is the following:
- A Name
- An Address
- A Date of Birth
Records are held on file for around 6 year no longer than 7 tops. If you move address or change of name and address then you start afresh. People speak about their right to vote and how important it is. Well if you have a large Debt you can remain on the eletorial roll and announce your location to those who have vested Interest in you or you can swap your debt for your vote and be somebody else living else where then your slate is clean.
Being in Debt is a not a criminal offence and unless your debt is not with the authorities (Poll Tax, Income Tax, Corporate Tax, Parking fines, Court Fines etc) or secured on your home then even with a judgement against you the Creditor doe's has to purse you themselves.
If you dont have significant assess your television and video an'it going to cut it so often the Loand companies write off the debt the same way the created it. Not before having harrassed you.
The key thing to remember is the two quotes by Shakespeare by Polonius in the same speech:
"Never a lender or a borrower be, for loan oft loses it'sself and borrowing dulls the edge of husbandry"
and the other more relevant quote in the same soliquey (spelling)
" And thus do'es conscience makes cowards of us all" i.e we feel shamed to pay our debts.
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Le Moor
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Posted: Tuesday May 24th, 2005 00:22 |
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Dada heard the law was changing but didnt know it actually had. Must have been recent.
@Kunjufu;I was under the imppression that Bankruptcy had a life long effect of your credit worthyness am i wrong?
It can do because even if its no longer recorded its still againgst the law to not disclose when asked. For example most mortgage companies will ask "EVER been bankrupt" on the application form. If you lie you run the risk of committing mortgage fraud if you tell the truth you could be charged more or refused.
Last edited on Tuesday May 24th, 2005 00:25 by Le Moor
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Dada
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Posted: Tuesday May 24th, 2005 00:38 |
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Yes your right there.
There is two ways of looking at it. Ultimatly they want your money. If it's secured against a signifcant asset then the risk is lower. If you have a bad credit history often - but not always - they would sub you out to one of their secondary lenders ( sort of a backstreet boy) to loan you the money with your bad credit rating at a hight rate of interest , until after about two years when you have shown you can indeed make regular and frequent payments then you can switch to a lower rate with the mainstream.
The Mortgage "Fraud" situation I supposes lies in that :
"And Thus doe's conscience makes cowards of us all"
context for without that information they are none the wiser.
In this country you can call yourself whatever you wish. You can tell your wife you are going to buy a pack of fags then never return simply do a Reignald Perrin. But not if this new government has it's way.
It will soon become illegal to change addressess without informing the Police.
And if you think that ID Cards are being introduced to stop terrorists then you are not a memeber of the Banking Community ( The biggest lobbyists in this regards).
Last edited on Tuesday May 24th, 2005 00:42 by Dada
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Le Moor
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Posted: Tuesday May 24th, 2005 06:55 |
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Dada wrote:
And if you think that ID Cards are being introduced to stop terrorists then you are not a memeber of the Banking Community ( The biggest lobbyists in this regards).
Dada ID cards- Dont remind me........... my biggest fear
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Backatya
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Posted: Tuesday May 24th, 2005 07:28 |
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Godblessed wrote:
Has anyone here ever been bankrupt? If you have, what consequesnces did you go or are going through because of it? Would you recommend it? Thanks in advance.
You are asking if anyone would recommend it? Why would anyone choose to go down that road if it could be avoided at all cost? It's the last thing I would recommend.
Respect
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bluehoney
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Posted: Wednesday May 25th, 2005 08:05 |
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Dang the bankruptcy laws here in the states are different... end result may be the same...
just some fyi below...
Personal Bankruptcy is a last-resort debt solution with long-term consequences:
- Bankruptcy remains on your credit report for 10 years
- Bankruptcy makes it difficult to get credit
- Bankruptcy makes it difficult to get insurance
- Bankruptcy makes it difficult to get a job
- Bankruptcy makes it difficult to buy a home
- Bankruptcy makes it difficult to get a lease
A bankruptcy stays on your credit report for 10 years. It is a legal procedure that gives a new beginning to people who cannot otherwise pay their debts. Those who are granted a bankruptcy, however, receive a court order (discharge) that states they do not have to repay the debts the court has ruled on. If you fail to list a debt, however, it will not automatically be relieved due to the discharge.
There are two primary types of personal bankruptcy: Chapter 13 and Chapter 7. Each must be filed in federal bankruptcy court. The current fees for seeking bankruptcy relief are $160: a filing fee of $130 and an administrative fee of $30. Attorney fees are additional and can vary widely. The consequences of bankruptcy are significant and require careful consideration.
Chapter 13 allows you, if you have a regular income and limited debt, to keep property, such as a mortgaged house or car, that you otherwise might lose. In Chapter 13, the court approves a repayment plan that allows you to pay off a default during a period of three to five years, rather than surrender any property.
Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. Exempt property may include cars, work-related tools and basic household furnishings. Some property may be sold by a court-appointed official-a trustee-or turned over to creditors. You can receive a discharge of your debts under Chapter 7 only once every six years.
Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Both also provide exemptions that allow you to keep certain assets, although exemption amounts vary. Personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it.
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Saida.M
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Posted: Wednesday June 15th, 2005 19:35 |
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New laws have made it easier to become bankrupt.
Bankrupts can be discharged after one year rather than three.
Insolvency Services have only up to three years to sell a bankrupt's home to pay debts after bankruptcy is declared.
Experts advice now is to become bankrupt to make it easier to make a fresh start.
Source: BBC Working Lunch
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BlackMatta
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Posted: Wednesday June 15th, 2005 20:40 |
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Last edited on Wednesday March 1st, 2006 20:24 by
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friskykyd
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Posted: Tuesday October 4th, 2005 21:51 |
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I am a discharged bankrupty and as much I did not like to be in this position, a decision had to be made that would be better for my future. Even though the law has changed, it does not make things easier for you. I had a payment order to make after they had considered what I had left after all costs had been taken out of my salary and the payment order will last for me 2 years, but can last upto a 3 year period. I was still discharged after 12 months, but paying an IPA.
I do not expect to get credit in the meantime, which is not a problem. It has taught me that I have the ability to live within my means and as long as I have a roof over my head, food in my belly and a job to pay the bills, I will survive this. I did not have any assets, so there was nothing to take. I still have a car and live life to the full.
The only thing is now I will have to wait until I can buy a house [which is my only goal at the moment], so to do this, I will need to save a deposit 3-5%, have my discharge certificate and make sure I can meet my payments. Yes, the interest maybe a little higher, but like with everything, you shop around for the best deals. Eventually you will be able to move your mortgage to a better deal later on. However, I know of past people who went bankrupt and now own their own houses and live a normal life.
Bankruptcy is not a good idea, but for those who think this is an easy option, YOU ARE WRONG. At the Offical Receivers interview, you will be asked about your past financial adventures so they can determine whether it was just bad luck on your part or you purposely got yourself into this mess with the intention of going bankrupt. It will stay on your file for 6 years, but if you obtain any secured debt in that process, it would be off your record sooner. If you are asked whether you have been bankrupt you will have to disclose it.
You and only you after getting advice can decide whether it is the best option 4 U. Good luck
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Le Moor
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Posted: Wednesday January 25th, 2006 23:08 |
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Just been speaking with a friend who is possibly about to made bankrupt and boy the option doesnt sound good at all. In fact it can be far more servere than i first imagined.
He has had his assets frozen over an £8000 Council Tax bill, which basically the Council should have collected from his tenants.
Now with court costs etc the bill is now at £12000. He cant get any money from his assest as they're now frozen and previous to that he had bad credit which made it difficult for him.
His assests stand at approximately £200,000 if liquidated. This is where it all becomes frightening.
If he is made bankrupt then his assests will be sold and held by Trustess. His total debt including credit cards, loans, etc and the CT bill, will be paid. However the Trustees/Solictors who handle this, normally charge extortionate fees. Its not unheard of in an example like this that he would be left with £0 returned after the sale of assests + fees and could even owe the solicitors substantial amounts of money. Yes you have read it right £200,000 minus £12,000 minus all debts Credit cards etc(in this case) £15,000= £173,000 in fees and costs
So the moral of the story is, if you have assets and are thinking about Bankruptcy as an option, think again.
http://www.thisismoney.co.uk/credit-and-loans/debt-news/article.html?in_article_id=402990&in_page_id=62
Last edited on Wednesday January 25th, 2006 23:11 by Le Moor
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friskykyd
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Posted: Friday January 27th, 2006 08:08 |
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http://www.debtquestions.co.uk/forum/index.php3
Try this site where you can post ur questions and get some hones answers for free.
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Shemsi en Tehuti
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Posted: Tuesday January 31st, 2006 13:08 |
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Kunjufu wrote: I was under the imppression that Bankruptcy had a life long effect of your credit worthyness am i wrong?
================
The funny thing is the rich have used bankruptcies for decades, while shunning the poor from filing them so that they can continue to get paid. Now in the U.S. that poor people caught on to some of the benefits to bankruptcy, the big credit companies lobbied to government to change the laws so it is now harder for the poor to file for bankruptcy, yet leave this unfettered door open to the rich to they can prevent financial losses.
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Posted: Wednesday February 1st, 2006 12:45 |
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Yes you are wrong. Here in the UK bankruptcy will remain on your credit records for 6 years only. However, if after the 3 years that you then buy property or a new car, the bankruptcy record will fall off your records quicker.
You have to remember that you can be discharged from bankruptcy less than a year. But after that you will find obtaining credit or even a current account hard until you do something to get the bankruptcy off your records. But if asked during that time you still have to inform creditors that you have been bankrupted.
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LadyDay
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Posted: Saturday September 30th, 2006 00:05 |
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bumping
been hearing lots about iva and bankruptcy lately
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