Bankruptcy... Is it to easy?

mower5

ldavies wrote: »

OI.. whats wrong with Wales??

apologies

Adebisi

I have never been in debt ever, always worked hard, bugeted, saved through my life so far, only had a credit card for holidays and paid it off in full after using it, never had a loan. But I bought a flat in 2005 and now it is in negative equity.

The chavs who spent all their money on going out and huge TV's only to get the neighboring flats reposessed and their credit card and loans wiped off get to come back in a few years (is it 5?) and pick the bones of the properties they lost. They could get them for less than 50% of their original price (they have already dropped below 30%) and will be sitting pretty while I pay the price of my own stupidness, the estate agent's/bankers greed, and the frivolous people who wanted mountains of things.

I am most probably stuck here for life, in a !!!!!! flat, while everone around me is being repossessed. I can't move home, move jobs or see any future. I just wait the sweet blessed relief of death the only other way out is to get fired from my job (which I love and will struggle to find a better one) and go bankrupt.

Bring back the debtors prison and the workhouses (although i may end up in there)

I don't know how I feel about bankruptcy is it a life line for the needy or a get out of jail free card for the irresponsible spendaholics?

treliac

Adebisi wrote: »

I am most probably stuck here for life, in a !!!!!! flat, while everone around me is being repossessed. I can't move home, move jobs or see any future. I just wait the sweet blessed relief of death the only other way out is to get fired from my job (which I love and will struggle to find a better one) and go bankrupt.

That sounds really awful at the moment, but I'm sure it won't be in time. If you're okay in your flat for now, sit it out and things will get better. My bro-in-law was in the same situation in the 90's. It took a few years but eventually the price came back up and he did sell it at a profit in the end.

Please take care of yourself. xx

olly300

Adebisi if you really feel as bad as you imply in your post I suggest you phone up the Samaritans, and go and see your GP on Monday morning urgently.

There are lots of people around who had to suffer economic trouble in the 90's they are survived even though some lost money, some had to take lower paid jobs and some had to work 2 jobs.

Pobby

I run a small business and believe me it`s no fun someone going br on you. It`s happened at least twice and totals about 25k. Thankfully we got through it but for many it could bring them down. BR, the domino effect!

Francesanne

repoamuse wrote: »

I have refrained from asking this question on the bankruptcy board as it's maybe a little too sensative.

Does anybody feel, as I do, that the bankruptcy system in this country, has too many loopholes and makes it too easy for a large section of society to 'wipe debt'.

Could this be a barrier to risk-taking and future investment? Could it deepen coming recession?

I know personally 2 couples that have gone 'bang', kept their cars, homes and jobs, repayed nothing, and been able to keep the consumer junk and big tv's that got them in the position in the first place.

Think it's been made far too easy. So many people know they can run up huge debts pull the plug and walk away virtually unscathed.

leveller2911

geoffky wrote: »

i think its a essentail lifeline for people.just think of all the pressure put on people to follow the other sheep and go out and get credit .everywhere you looked there was pressure to go out and spend beyond your limits.so its no wonder so many people fell for it and its no wonder so many are going bankrupt.....good luck to them at least they wll be able to get a good night sleep once they realize they have fell for the biggest con trick in history...

"PRESSURE"???????????

Pressure is when : Your child is suffering from cancer or the main earner in your family has died or you lose your job or your owed £10k from a customer who may not pay up............Thats PRESSURE...........

Im sorry but your arguement is a joke, its not pressure its wanting to be one of the "flock" ........poor excuse. I know of small businesses going bust because people have taken the "easy way out" .........


To go bust because your owed money is forgivable, to go bust because you owe money is not...........

ITS DISGRACEFUL !!!!!!

mvengemvenge

PasturesNew wrote: »

I think the thing that surprises me most is how much they're "allowed to keep to live on" in the time between when they go BR and when it ends. e.g. A family of 4 could reasonably say their food/groceries bill is £500/month. When you tot up all the outgoings they're allowed to keep it's a fortune. I'd have thought they'd have been allowed similar to "dole + work costs" for the two years. After all, they've had their choices/fun with the money, it would seem "only fair" that they were told how much they had to live on and not the other way round.

Years ago it was a total "shame for life" thing, now it's more like "just popping out to the court, won't be long, when I get back we'll go out for dinner because it's back to normal"

My partner interviews bankrupts and when she tells me sometimes the kind of scenarios she encounters and the 'punishment' they receive, I have to shake my head in disbelief. At the end of the day, most of these people did not HAVE to take on debts they couldn't afford. No-one MAKES you keep up with the Jones's, only your own greed. You need a car, buy a cheap run-around you can afford, not a Ferrari you can't. You need a house, buy an affordable terrace, not a 5-bedroomed detached.

leveller2911

mower5 wrote: »

I disagree with the finger waging vindictive posts i have read here. I prefer the USA model which encourages risk taking and new start up businesses. It gives people a chance to learn from their mistakes. If your business fails you can walk away and try again without ignomy or debts around your neck.

Great in an ideal world....................but who pays for it????????????

Why should any bank,financial institute or person pay for someones "risk".........
Its far too easy and as for personal bankruptcy , so many people willingly go and "MAX" out every credit card they can get then go "bust". Where is the morality in that, this is the real world we live in and there should be a "punishment" to going bankrupt.:mad:

WTF?_2

leveller2911 wrote: »

Great in an ideal world....................but who pays for it????????????

Why should any bank,financial institute or person pay for someones "risk".........
Its far too easy and as for personal bankruptcy , so many people willingly go and "MAX" out every credit card they can get then go "bust". Where is the morality in that, this is the real world we live in and there should be a "punishment" to going bankrupt.:mad:

What should happen under normal circumstances as a result of this is that lending, even for sensible people who can afford to borrow, becomes more expensive and more stringent standards are imposed. That's annoying enough if you want to borrow a reasonable amount of money.

Sadly however, what is likely to happen is that the government will step in to underwrite risky lending leaving the banks free to keep making insanely unwise loans to fiscal numpties at stupidly low rates - at the expense of everyone else in the country.....