What do you honestly think of bankrupts?

Mike_St_Helens

Im interested as to what people really think.

Heres an anon poll to try get the jist ??

Id love your HONEST opinion.

Ta

Mike

wherediditallgo

When I was a lot younger without any responsibilities & with the safety net of my parents to always fall back on, I thought bankrupts were either people who irresponsibly/deliberately ran companies & used bankruptcy as a way of not paying those they owed, or individuals who ought to be ashamed of themselves for being so unable to manage their money. I didn't know anyone who owed money, & credit/debit cards weren't even around much at that time.

Many years later, & a whole lot wiser, I've realised that bankruptcy isn't the "get out of jail" card that some people still think it is. I still think the option of bankruptcy/going bust is abused by some companies, but where individuals are concerned I think it takes a lot to even admit that you've got a debt problem in the first place. Bankruptcy is your last choice, which is why your debts may even have got worse between the time you realise you've got a problem & the time you realise bankruptcy is the only option you have left. You ignore professional advice to go bankrupt, thinking you can sort things out yourself, & all that happens is you still go bankrupt months down the line, having got a lot more stressed but no further sorting out the money problems.

There are a lot of people who've never had such major money problems who think going bankrupt means you can just walk away from your debts as if they'd never happened in the first place. That might happen with owners of companies who simply get a new trading name, but for individuals it can leave psychological scars at some level & change their lives. Relationships suffer, jobs can be lost, & not everyone comes out of it a winner. It's by no means the easy route out of trouble that some people who haven't gone through it themselves think it is.

gettingitsorted

When i told my parents id gone BR the look on their faces was that of shame and disgust but i showed them this sight
and they now fully understand what i HAD to do to save my family

savagevixen

I had absolutely no idea what bankrupts were really. I assumed it was always huge amounts of money and rather swarthy, sleek, suited, sunglassed men who were a bit dodgy. When CCCS suggested Bankruptcy I nearly fell off my chair. That is why I found this site! I needed support and insight.
My mother thinks it is the funniest thing she has ever heard and is proudly telling her friends 'they've gone bankrupt you know...' (when I was at the courts, she actually phoned me from asda to ask what to get my LO for her birthday), my father (who I thought would be really upset/ashamed) said good on you if it sorts it all out. He said he always scours the paper for the bankrupts, looking for a vulnerable lady he can sweep of her feet....
My parents-in-law took it much more seriously and were really worried for us.

savagevixen

(BTW My parents are not together...I wonder why!)

Toto

ooh not another poll, not sure I can take the drama at this time of night :rotfl: But there is a bright side to my lifestyle, my bed will last me 30 years at this rate!

Back to the poll, I have said it before but I have full respect for anyone who deals with their debt problems, no matter which (legal) path they take. It makes me laugh, you don't see everyone who has done an IVA have to justify their actions or worry about what people think. Even though when bankrupt if you can pay monthly towards your debt, you do, so often by the time the IVA fees are taken from the payments the creditors won't get much more

i_love_it

It's better than crime I guess, tho not much, The problem should be addressed long before this being the best solution.

Bakeybadoo

Before I had to consider it, I didn't give it much thought, didn't think it was for the 'common little people' on the street.

I'm glad it's available to those who need it. Sure, some might abuse the option but the majority do not. It's a last resort, not a first for those who actually need it and aren't abusing the option.

I think those who see it as an easy option are just not looking at it properly. Do they even know what it involves? What you lose? What it means long-term? How stressful it? The stigma that is STILL attatched to going BR?

I try not to judge those whose path I have never travelled.

savagevixen

i_love_it wrote: »

It's better than crime I guess, tho not much, The problem should be addressed long before this being the best solution.

Hmm, no it is quite a lot like murder, rape and burglary isn't it.:rolleyes: In most cases when it gets to this level people have been trying to deal with it for years, trying to find their own solution, but the problem just gets too big.

And really, the majority of these debts are to major banks and credit card companies. These are all insured against bad debt and claim on their insurance. So they certainly don't loose out, why do you think they make so many billions?

:rotfl: :rotfl: :rotfl: Makes me laugh this moralistic attitude to banks and debt. Cause they are such amazing moral institutions aren't they?

Toto

as I said last night, I struggle to understand why people have to keep justifying it. If a judge agrees this is your best option who the hell is anyone else to have an opinon?

rog2

Hi Mike - you certainly know how to 'quietly' slip in a controversial question - I've no doubt that this thread will attract more than its fair share of 'bashers'.
To any such person, I say:
By its very nature 'BANKRUPTCY' will cover a huge range of situations - these will, OF COURSE, include those who are skilled in 'using the system' for personal gain, for example taking deposits from people with NO intention of providing the goods or service which they advertise. Often hiding behind a Limited Company, these people don't give a damn who they hurt and deserve all the condemnation that they get.
Unfortunately, though, the adverse publicity, that these people generate, tends to stick to all 'bankrupts', whereas, in reality, the overriding majority of those who are declared bankrupt go through, or are forced through, the process simply bcause there is no other realistic solution for them. Many of them have found themselves in 'debt', or alleged 'debt', through circumstances over which they have had little or no control. Other 'options' such as DMPs or IVAs are NOT available to everyone and, often, Bankruptcy is the only legal option.
Contrary to many people's beliefs, and the views expounded by some of the 'Resident and Visiting' Trolls, who 'scour' these boards with the sole intent of inflicting further pain and misery on the 'vulnerable', Bankruptcy is not an 'Easy option'for the majority of bankrupts.
The whole process can be painful and often demeaning. You, in effect, give up all of your assetts which, where possible, are sold off in order to pay something to your creditors - you no longer 'own' anything, including your interest in the house that you live in, and even your job may be at risk. In effect, whilst you are not sent to prison, you effectively lose control of your life during the Bankruptcy Period, and the effects are felt for many years after discharge.
No wonder, therefore, that some people have been known to take other, even more drastic measures, including suicide, rather than face up to the situation of bankruptcy.
So those who have declared themselves, or been declared, bankrupt have, in effect, taken the ultimate choice in dealing with their debts. They need no further judgement