why not go bankrupt? bankers have their bailout!!!

geoffky

Hi all i am wondering if all of you brave souls who are really struggling to pay off debt have seen the bankers (who are real crooks) getting the bailouts and carrying on in their very very well paid jobs and have thought why should i go through all this and why dont i just go bankrupt and get it over with? i for one would not blame you as the bankers have just got a massive bailout and you lot will still be struggling for years to pay back what you owe..... put it this way if i was in debt i would not hesitate to do it....good luck all..

MrsTinks

People who genuinely need to go bankrupt should certainly consider it... but just to get out of debt? I hate to break it to you but it's not THAT easy... You have to convince the OR that you need to go bankrupt for starters and then there is the fact that for x amount of time you will be unable to get ANY credit and you will ALWAYS be a discharged bankrupt. This can have direct impacts on your work depending on what industry you work in plus other minor niggles... oh and you won't get to keep your house if there is any equity in it
Bankruptcy is NOT a quick fix or a bailout option.

More to the point... You spent it - you pay it! Why do you think the "credit crunch" has happened in the first place???

meerkat2007

I have a house to protect, and I don't want to damage any future work prospects.

Also, I obtained the credit and used it in the first place - my conscience wouldn't let me not pay it back.

Bismarck

yes...the bankers annoy me with the apparent unfairness of it all but BR is not a quick fix....it's not free and easy or pleasant.

I would like to see some of the chief execs prosecuted or at least held personally liable for what they've done...beyond just walking with their nice pension pots - I'd like to see them hand some of that over to the FSA with an apology....however...that's not going to happen....