Silly question but one that can hopefully be answered.

justworriedabit

When people go bankrupt or are forced into it. How come some are still living it up?
IE nice house flash cars/etc?    The people I know are married and I thought
as most people have joint property and often the man puts his name on the car unless you have more than one, I'm confused.

Re debts. When bailiffs chase people for money, money owned to some but the defaulters
claim they do not have a penny - if they own a property alone or jointly, can you not make a claim on
that? I mean make a claim like a non big business type, stand alone person?
Thanks.

JCS1

Without knowing the individual cases, it's hard to comment.  But it depends on equity in the property.

Dullville

justworriedabit said:

When people go bankrupt or are forced into it. How come some are still living it up?
IE nice house flash cars/etc?    The people I know are married and I thought
as most people have joint property and often the man puts his name on the car unless you have more than one, I'm confused.

Re debts. When bailiffs chase people for money, money owned to some but the defaulters
claim they do not have a penny - if they own a property alone or jointly, can you not make a claim on
that? I mean make a claim like a non big business type, stand alone person?
Thanks.

Do you actually know the circumstances of the people involved? Very much doubt it.
Anyway it’s not hard to circumvent the system if you know what your doing.

fatbelly

You may be talking about a charging order in the second paragraph but I'm not exactly sure what the question is

luvchocolate

O.P status showing as Banned 

sourcrates

Because some people are very astute when it comes to business, and bankruptcy.

Case in point, Donald Trump, six businesses under his "branding" have filed for chapter 11 bankruptcy in the US.

This means their loans get re-structured, so the banks lose out, but the actual business can keep on trading.

I would say certain people know how to use the system to their advantage, I am not privy to the detail, but there are ways and means.

With Bailiffs, it depends on what type of debt they are chasing, and whether its a personal or a company debt, as different rules and procedures apply, but in the end, it all boils down to the fact if they have no money or assets then its a complete waste of time and effort trying to recoup it.

Minkym00

If they have a nice house /flash car - they won’t own it, it’s in someone else’s name or owned by a company. 

If they do own a property then a charge can be applied via the court. This is just basically kicking the can down the road as it will be paid eventually (plus substantial interest). 

justworriedabit

sourcrates said:

Because some people are very astute when it comes to business, and bankruptcy.

Case in point, Donald Trump, six businesses under his "branding" have filed for chapter 11 bankruptcy in the US.

This means their loans get re-structured, so the banks lose out, but the actual business can keep on trading.

I would say certain people know how to use the system to their advantage, I am not privy to the detail, but there are ways and means.

With Bailiffs, it depends on what type of debt they are chasing, and whether its a personal or a company debt, as different rules and procedures apply, but in the end, it all boils down to the fact if they have no money or assets then its a complete waste of time and effort trying to recoup it.

Many thanks very helpful.

justworriedabit

Minkym00 said:

If they have a nice house /flash car - they won’t own it, it’s in someone else’s name or owned by a company. 

If they do own a property then a charge can be applied via the court. This is just basically kicking the can down the road as it will be paid eventually (plus substantial interest). 

I guess when it's put like that, I may be wrong but some people start out to con people out of money and live the good life.
Thanks for your help.