Bankrupt for less than 5 Months - Discharged

TTMCMschine

Please spare me the guff about "empoverishing nations" & "vulnerable borrowers." Many of the debts will have been sold onto pension funds, etc, so there are real victims at the end, not even considering the eventual effects to the economy.

People need to be accountable for their own actions, no matter how painful it is, instead of going for the sympathy vote by claiming to be a "victim."

Sisyphus

Richard_S wrote:

My parents taught me that hard work and entrepreneurship were the two most important things after health and happiness, and that the wealth of a nation depended on people taking risks in business, creating employment, increasing the tax take to allow the govenment of the day to spend as it deemed necessary.

They also taught me that the cost of getting it wrong is extremely painful and beleive me, it really is painful. I've employed hundreds of people over the years, paid hundreds of thousands of pounds in tax, exported goods all over the world and once my BKY is over we'll be back in business again.

Oh how I wish my parents had taught me the wisdom of never taking a chance and taking the easy route through life (I don't think)

Well maybe we should have gone down the bky route when my wife's business abroad suffered through her ill health. Maybe we would have bounced back years earlier than it took us. Paying back that over 10 years was not the easy option as your irony seems to imply. Bankruptcy would have been a better option for us. Ultimately those who lent us the money should have expected it as they were earning high interest rates. Anyway, good luck to you and your next venture.

pudding06

does make you wonder doesnt it?

[posted by me]

Hey richard - youre out of order mate.

What exactly is it about losing all your assets and everything that you've spent a lifetime working for that you're wondering about pudding?

you've obviously got a chip on yours cos you took it the wrong way!!!!!!

I was thinking - so many people spend years paying off when they have no assetts as such and could go BR - if they can face the quizzing and BR notice in the papers etc.

others have too much to lose in assetts and so have to take it down to the wire as it were.

I cant go BR cos of my job - I coulsnt get work any more. -- perhaps more to lose on top of house etc.

I just think that 5 months is maybe too short a timer for you to have rally learned a lesson. My OH went BR in the early 90's and had to wait for 5 years to be discharged. He has been very careful since and we now have a mortgage etc, but pay over the nose for them as all banks turned us down, even 5 years after being discharged.

Noi its not an easy option but being discharged after 5 months makes it look like an easy option to those who feel desperate, but there are huge longterm consequences too.

everyone should take advice, and try absolutely everything else before BR!!!!!

just my thoughts

pudds

Richard_S

Sisyphus wrote:

Well maybe we should have gone down the bky route when my wife's business abroad suffered through her ill health. Maybe we would have bounced back years earlier than it took us. Paying back that over 10 years was not the easy option as your irony seems to imply. Bankruptcy would have been a better option for us. Ultimately those who lent us the money should have expected it as they were earning high interest rates. Anyway, good luck to you and your next venture.

Ty Sisyphus,

I wish you all the best too and admire your determination; perhaps the only difference between us is the view that we take of financial institutions.

For the record, we didn't petition for our own bky it was forced on us, we had arranged terms with the majority of our creditors, and expeceted to repay the debt. Unfortunately, (for our creditors as well as us) there's always one who think they know best and go for the ultimate sanction, i.e bankruptcy.

mrslawrence2003

Sisyphus wrote:

I was in debt for years. I paid off every penny + interest + charges. Why did I bother?

so that you could be proud of yourself, so that you could earn your self-respect and the respect of others, so you demonstrate your responsibility for your actions.................

Mike_St_Helens

Hang on a minuite guys.. I have been watching this thread and it seems to have developed into a blaming, sl4gging and bullying match.

The OP was happy that they have been discharged, no one knows naff all about the Op's circumstances to leave that at that. As for jumping on the lats sl4g off al people who are bankrupt - you people who are doing this, do you know why we do it - Its not to escape the debt.. christ if I wanted to do that I'd have done it years ago.. No we perciviered, tried to pay every penny but couldnt.

If you dont know the FULL circuumstances keep your biggoted mouths closed unless you can post responsibly and constructivly.

mrslawrence2003

Mike_St_Helens wrote:

Hang on a minuite guys.. I have been watching this thread and it seems to have developed into a blaming, sl4gging and bullying match.

The OP was happy that they have been discharged, no one knows naff all about the Op's circumstances to leave that at that. As for jumping on the lats sl4g off al people who are bankrupt - you people who are doing this, do you know why we do it - Its not to escape the debt.. christ if I wanted to do that I'd have done it years ago.. No we perciviered, tried to pay every penny but couldnt.

If you dont know the FULL circuumstances keep your biggoted mouths closed unless you can post responsibly and constructivly.

mike, i think you know that this is always a hot topic and will always get people excited. for every one person who went bankrupt because there was no other way out for them, there will be another person who's going bankrupt because it's the easiest way out. some people are distraught about having to go bankrupt, others couldnt give a damn.

unfortunately - with the amount of debt continuing to rocket, and the number of ppl unable to cope with the level of debt, this debate is only going to get more heated and more unpleasant.

there is a time and place for all things. this is not the place to abuse, argue or anger others. this is place only for support, assistance and advice for those in need.

Richard_S

pudding06 wrote:

[posted by me]

Hey richard - youre out of order mate.



you've obviously got a chip on yours cos you took it the wrong way!!!!!!

I was thinking - so many people spend years paying off when they have no assetts as such and could go BR - if they can face the quizzing and BR notice in the papers etc.

others have too much to lose in assetts and so have to take it down to the wire as it were.

I cant go BR cos of my job - I coulsnt get work any more. -- perhaps more to lose on top of house etc.

I just think that 5 months is maybe too short a timer for you to have rally learned a lesson. My OH went BR in the early 90's and had to wait for 5 years to be discharged. He has been very careful since and we now have a mortgage etc, but pay over the nose for them as all banks turned us down, even 5 years after being discharged.

Noi its not an easy option but being discharged after 5 months makes it look like an easy option to those who feel desperate, but there are huge longterm consequences too.

everyone should take advice, and try absolutely everything else before BR!!!!!

just my thoughts

pudds

Hi pudds,

Maybe I have got a chip on my shoulder, bit difficult for me to be objective about that, but I don't think voicing an opinion is "out of order".

Sorry to hear that you've been through the mill as well and I really do sincerely admire people that go through all manner of hardship to repay debt. That wasn't an option for us as we were forced into bky and had agreed terms with the majority of our creditors to repay the debt; unfortunately it only takes one creditor to petition for bky and I guess our luck just ran out this time.

I would have thought that after 5years you would have been able to move yr mortgage to a high street lender and reduce the interest you pay.

I agree that there are some people who abuse the system by running up as much debt as possible with the sole intention of declaring bky, but surely they are in the minority.

Richard

hbl_2

I think BK is always going to be a thorny subject when discussed on the debt free wannabe board!

For those making all the necessary life adjustments to repay whatever debt they have for whatever reason (mine is because I did two years of postgraduate study), and who have no assets just debt, BK does look like an easy way out but one which they've chosen not to take. It's a real trip to work it all out, set a date to be rid of it and work slavishly towards that goal, with all the trial and tribulations that entails.

It then becomes quite difficult to imagine the events leading up to a BK. The kneejerk reaction then becomes "why am I paying this back and they're not." It's not a rationale response, but an emotional one.

I've studied enough insolvency law to know when BK comes about and why, so I don't suggest for a moment it's an easy option. On the other hand, BK no longer has the stigma it once had. As I was at university I would often encounter the thought from others of "graduate, go BK, start earning" which I never subscribed to.

So here I am!

dudleyboy

The OP (like Mike) clearly had to go through BR because of failed business ventures, which would have accumulated debts they'd never be able to afford... and prob shouldn't have to repay since a business and not an individual (tho i guess the 2 are linked i don't know). Anyway, what i'm saying is, it's not as tho the OP spent the money on clothes, holidays, gadgets and shoes. That's where I get peeved.

OP, you'll see I thanked an earlier post. I take it back. The initial post did sound like a bit of a gloat.