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Bankrupcy?


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I know someone who has just gone bankrupt within the last two months and he has had a ruling that he doesn't have to pay any of his debts off. A bit like a personal limited company!!

 

He had to wait a while to file for bankrupcy though because he couldn't afford the court fees to do so and had to save up!!

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Turning the question around, haven?t you noticed the signs at the side of the motorway, in the papers and stuck to the traffic lights claiming ?We can write off all your debts??

 

Looks to me like the dodgey arm of the legal profession might have moved on from the no win no fee accident market into what may be an even bigger one in today?s poor economic climate.

 

Bill :)

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had few calls from those debt management agencies, they seem most upset when i tell them the only money that is owed is a fiver i lent to my brother a few weeks ago.

 

the last one who called spent ten minutes going through the spiel and was quite surprised when i told him that the mortgage was paid off i had no loans and only owed about ?600.00 on my credit card.

 

still it gives him something to do with his time and keeps him employed i suppose. :roll:

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What happens in the case of a declaration of personal bankrupcy? :? Does the individual ever pay off their debts or are they written off? :?

 

The debts are written off but a new debt is introduced based on what incomings the person has. A monthly payment is agreed on, which can be paid over the next 3-5 years. Once that debt is paid off the individual is clear to start again.

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So, as I suspected, they basically "get away with it"?! :roll: And watching a prog about credit; after 6 years, their credit rating data is wiped clean; so it's no wonder we've landed in this economic mess - and the prudent are paying for it. :twisted:

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