Discussion Thread

debtinfo

Hi, as it's a slow day i thought i might try to start a disscusion about bankruptcy. Since there are alot of people here who are either thinking about it, going through it or have recently been through it as well as some experts.

The topic is

What do you think of the current bankruptcy regulations. Do you think bankruptcy is too short or too long, Too easy or to hard. Do you think that it is right that people should pay nothing at all, an amount based on their surplus or an amount based on their income. Do you think that debts should be written off or put on hold indefinitaly untill a person is able to pay.

I would like to leave out the role of the bank as this has been discussed many times before but do you think that people should have more responsibilty for their debt, perhaps people should only be allowed one credit card or loan.

Anyway feel free to offer an opinion even if you are a creditor

antarctica

Good luck with this one, it could get deleted!

debtinfo

oh dear are we not allowed to do this, if not i will take it down, just thought it would be interesting

antarctica

I'm sure it's okay for now but if someone starts ranting about how we have it easy with BR then it might get deleted/moved to "discussion time!"

philnicandamy

Guaranteed troll bait i'm afraid.......worse case......best case it'll end up in discussion time instead of here...and it wouldnt look great on any potential lurkers needing help & support

debtinfo

oh well try and be nice everybody

Holes_in_my_pocket

Bankruptcy was easy for me . But overall i dont think people go bankrupt just to avoid paying debts though some will . If money is involved theres a fiddle but the OR should spot these.

To go bankrupt you need to be insolvent and not just unable to pay a bill.
With regard to paying something back obviously know one wants to do that including me. But people with better paid job probably have worked to get there get penalised by paying a IPA where a lazy no good for nothing will get away with it is that fair.

I think that if you go bankrupt there should be some sort of money managemnet available so you dont end up on the slippery slope again.

antarctica

I also agree that people that are working and earning high amount of money do get penalised. They might aswell have a minimum wage job if the IPA takes so much of their earnings anyway. (not suggesting they do this, but that this is the effect of the IPA)

But then I suppose if we have some cash to put towards debts that we should when we go BR.

maxmycardagain

there are people who will exploit ANY set of given circumstances, never mind bankruptcy, if you include the thieving gits who fold Ltd companies owing millions and restarting the next day in a different name you will have much more fun, that really IS a p***take

antarctica

True and to think I was scared about going to the court and becoming BR and I am honest!

debtinfo

What would people think about small companies (like say the local timber merchant) having either more protection against bankruptcy or having a preferential status for money recovered. Or should they accept the risk of having accounts the same as everyone else