Bankruptcy... Is it to easy?

ianian99

spenderblender wrote: »

I think you need to sit down and actually think through the reasons that many people have no choice to go bankrupt. People who have lost their jobs through sickness or redundancy have no other option but to go bankrupt when the bailiffas are knocking on the door for money you are no longer bringing in. The companies who you owe money to don't care how you can pay it back they just sell your debt on which only leaves one way to go.
Don't sit there and judge people when you don't know why it happened in the first place and remember what goes round comes round.

I think thats what sickness and redundancy insurance is for.

mitchaa

spenderblender wrote: »

I think you need to sit down and actually think through the reasons that many people have no choice to go bankrupt. People who have lost their jobs through sickness or redundancy have no other option but to go bankrupt when the bailiffas are knocking on the door for money you are no longer bringing in. The companies who you owe money to don't care how you can pay it back they just sell your debt on which only leaves one way to go.
Don't sit there and judge people when you don't know why it happened in the first place and remember what goes round comes round.

Mortgage payment protection or the benefits system perhaps? I know ISMI pays your mortgage for you.

Your car could go back to the finance company wiping that debt

We are not talking about paying the mortgage here, or handing back the car, we are talking about ''idiots'' that rack up tens of thousands on credit cards.

neas

And if anything I dont think theres enough stigmata attached with going bankrupt... things have got so crazy... my dad got made redudant in 1980's.... my mum was on a low wage job,... he didnt go and borrow money to get us through... he was upset... but he worked his butt off for us all... he changed profession and we got by.... he didnt have to resort to bankruptcy... just because of a redudancy.. so why do people think redudancty should automatically mean bankruptcy? Does nobody save for a rainy day anymore?!

Maxtout

ianian99 wrote: »

40k on credit cards, !!!!!! did you buy?

That's !!!!all to do with you and with your trite comment I doubt you would have the intelligence to even guess how that debt was accumilated. Suffice to say it was nothing like the usual ways people accumilate credit card debt.

ianian99

mitchaa wrote: »

We are not talking about paying the mortgage here, or handing back the car, we are talking about ''idiots'' that rack up tens of thousands on credit cards.

like maxtout? Good username for someone with over £40k on credit cards

neas

indeed I think you guys will find over here you are against, reason, common sense and people who have scrimped and been prudent.. you wont win many points here unfortunately.. the general consensus is we dont generally like bankruptcy as its like cheating the system.

And alot of the problems we currently face are because people said 'f u bank' and didnt pay what was rightfully owed.. what they borrowed.. now we are in a big global recession, with prices coming down at least.. are you guys proud to be a part of it all?

neas

My old housemate had 20k worth of credit card debt.. yet she believed it was wise to purchase on a car loan a 14,000 vauxhall tigra.... as she had got a pay rise of 2k and a new job position... she justified it to me that she needed it for the image.

yet if she goes bankrupt she will lose her job... as she works in a bank dealng with other peoples money... what was really ironic eh? Advising how to save when she cant save a penny to her name lol.

Maxtout

neas wrote: »

*sigh*....

Where do you think the massive losses of the banks came from? people defaulting on their mortgages (sub-primers in america) and defaulting on their debts.

When you go bankrupt the 20k, 50k, whatever k... gets wiped clean... it doesnt dissapear.. the bank loses that amount of money... and has to 'write it down'. The banks had to write down sooo much debt that was renaded on that we are in a snowball effect.

Thats why.... now go back to you land of hugs... believe bankruptcy is a simple process where the real money you borrowed dissapears.... yea right.:mad:

We are now bailing the banks out , because they couldnt get back the money they originally lent to millions of people.... thus becoming bankrupt themselves now. And in the end teh worst case scenario... will be england becoming bankrupt to try and save them... all from little people not paying what they owe.... if you cant repay dont borrow!

Jeez. You really believe that the sub prime market is to blame for all this mess don't you which means you believe what you are told by what comes out of the TV or what you read in the 'news' papers.

With regards to bankruptcy please go get yourself clued up. This country along with the USA have been bankrupt for years and there is no such thing as money. Money has not been worth the paper it is written on for years and we pay interest on money that never existed to begin with. It's up there with the greatest of all cons and we are slaves to it. When the government bails out the banks what they are really doing is selling you and your children and their children and so on into perpectual slavery and these are debts that can never be repaid, ever. In other words it is a system that is virtually impossible to be free of.

ianian99

Maxtout wrote: »

Jeez. You really believe that the sub prime market is to blame for all this mess don't you which means you believe what you are told by what comes out of the TV or what you read in the 'news' papers.

With regards to bankruptcy please go get yourself clued up. This country along with the USA have been bankrupt for years and there is no such thing as money. Money has not been worth the paper it is written on for years and we pay interest on money that never existed to begin with. It's up there with the greatest of all cons and we are slaves to it. When the government bails out the banks what they are really doing is selling you and your children and their children and so on into perpectual slavery and these are debts that can never be repaid, ever. In other words it is a system that is virtually impossible to be free of.

Well there is such a thing as money and I have a fair bit of it, no debt , no credit cards etc. If I wanted to I could rack uip £40k in debt buying a load of crap but really dont see the need for it.

neverdespairgirl

Darth_Marty wrote: »

HOW DOES THAT HAPPEN?
How does a relatively small unsecured debt become secured?

Thanks.

Charging order. It's a form of enforcement after a CCJ is obtained.