Bankcrupt ?

trademark

as my thread was closed , i just felt i would explain myself slightly better as i do not feel the replies to my post were justified , firsty i posted in the wrong area , secondly i have been effected by bankruptcy , im owed money , i later found out that this person sends their son to private school (still) and holidays abroad as they placed everything in a spouses name , my business suffered as a result of this ...

i just didnt want to appear to be moaning , and i named "these people" due to my frustration with the whole ease of going bankrupt

i dont sit on a high horse as it was pointed out , i just pay my way and go through life supporting myself and my family , people should ask for more information before throwing in their false opinion .

bankruptcy is used all to easily these days as an easy way out , although i understand that for some it is the only option .

by the way sparkle84 my critical illness cover will suffice if i get ill .

delboypass

here here. Totally agree with you 100%. Any campaign to harden up the bankrupcy laws im all for. Most of this free money has lead to the housing boom and priced many great earning individuals out of a house.

Bankrupcy was created to give our nation a chance to quickly get new companies 'WITH GREAT IDEAS' off the ground. Not for people who are not so or very financial astute to run up personal debt and then write it off. Even though in Gordon Browns failing economy he loves it beause it keeps the wheels turning!

newfunk

delboypass wrote:

Even though in Gordon Browns failing economy he loves it beause it keeps the wheels turning!

Shhhhh cuz in another thread, apparantely they reckon Our Economy is booming!! :rolleyes:

innovate

Haven't followed the original thread and am not and have never been, bancrupt or at risk of it. Also don't know any bancrupt folks, so my opinion is theorectical but nonetheless quite strong.

I cannot imagine that anyone would seek a bancrupty declaration lightly since life as an accepted bancrupt denies you what most of us would consider 'basics': bank account, ownership of assets and properties, growing your personal wealth etc. Even - or especially - if just one partner in a relationship or business is officially declared bancrupt, life will not be a pleasure for anyone associated.

Of course there will always be con[wo]men who will try and take advantage of just about anything, incl. bancruptcy protection. However, I do have confidence in our social structure that such characters will be discovered [often with the help of complainants] and punished, if only after having lived the life of reilly for years.

If anyone has reason to believe that someone is exploiting the bancrupty protection laws, they should take this up with their respective local authorities. Outing anyone on MSE, calling for tighter legislation, or generalising on bancrupty and people applying for it, isn't helping anyone.

trademark, get yourself a good solicitor, and take your case to Court if you are convinced you are being treated injustly. A Court will decide in your favour if your complaints are justified, and you will get what's due to you if the bancrupty is based on false pretences. On MSE, all you can reasonably expect is sympathy but this won't buy you a sausage.

thaylock

trademark, just to say I agree with your comments, people are selfish & will always look after number one - especially when it hits their pockets.

missimaxo

"what about the people who they owe ... do they get nothing ?

what about those like myself who pay their bills .

i can understand that people can get desperate but i just cant sympathise because i have to pay my bills .

can someone also answer the following questions about someone who declares themselves bankrupt

what happens to their home (if there is no equity)

cars if they are in a spouses name or owned by a failed company

assets such as tv video computers if they are married and jointly owned

do these people have their finances questioned , ie why are you sending your children to a private school , holidaying abroad buying expensive items when i real terms you owe money

what if you are still earning an excellent wage and your bankrupt , are you allowed to keep your full wages ."

Ok I will try and answer your questions:


If there are any assets in a case, then yes there is a payout to creditors. If you are a creditor to a bankrupt then you should have recieved a report to creditors telling you the assets the Official Reciever knows about, the liabilites in the case and the likelihood of a payout. If you have not received a report to creditors then The Official Reciever may not know about your claim, contact the Official Reciever who is closest to where the person who is bankrupt lives and they will put you through to the right person. Tell them you are a creditor and they should send you a report.

If there is no equity in a jointly owned home, the Official Reciever will try and sell the property to the spouse for £1 plus fees. If there is no equity in a solely owned home it is a little more complicated, but no equity = no asset so no payout to creditors. Only the secured creditors will be paid.

Cars in a spouses name - the OR should question the bankrupt about cars they own/ cars they have use of. They can do nothing about a car owned and purchased by a spouse. If the car is in a spouses name but purchased by the bankrupt - phone your Official Reciever and tell them you think a bankrupt is trying to hide an asset and give all the details, they should then investigate. Please note, cars of low value can be exempt from the bankruptcy estate, the value changes from office to office, but if the bankrupt requires a vehicle for work then the OR has to still provide them with a car.

Cars owned by a failed company should have been dealt with by the liquidator of that company. This could be the OR or a private insolvency practitioner. It is possible the car was sold to the bankrupt (?) and then would have been treated as above - possibly exempt. If you want to know whether a car has been classed as exempt - again ask the OR.

Assets such as TV etc. are usually classed as exempt. It would cost more for the OR
to realise them than they would get selling them 2nd hand. The exception to this would be if they were of exceptional value. If they were joinlty owned they could be sold to the partner.

Yes people have their spending questioned - however again the OR may not know the kids go to private school. Likewise the bankrupt may not be the one paying. They have to account for their income/ expenditure and if there is an excess of income over expenditure then the OR looks to take a proportion of the excess (and ultimately pay this to creditors). The OR has set guidelines on what expenditure is allowable. There are some circumstances where private school fees can be allowed - but it is rare.


Full wages - see answer above.

Hope this helps. If you have any questions, or you think a bankrupt is hiding assets/ spending excessively etc. cobtact your local OR. They will probably want it in writing and want to knpw what evidence you have, but they should investigate. If the bankrupt has lied to the OR then they will be investigated and could lead to punishments (Longer bankruptcy etc.)

Tina

jos_4

Totally agree going bankrupt is far to easy, i know of a couple that purposely ran up huge debt to buy what they wanted in just one of their names so that their house etc weren't effected when he declared himself bankrupt.

Apple_2

Trademark

I saw your previous thread and reaction to it.

I like you, pay my bills and have never reneged on a penny I owe. However I live with someone in debt who considered bankrupcy. Won't go into the details here - I posted about it before.

You said the guy who went bankrupt on you has kids in private school, holidays abroad and placed everything in spouse's name to protect it. No offence, but how do you know the latter ?

See where I'm coming from is the partner's side. My O/H did not go for bankrupcy and is paying debt off. However the credit card/loan companies constantly ring up and ask the same questions : how do you live if no money? ( my g/f pays the bills ), we'll check if you own the property? ( my g/f does ), do you have a car? ( my g/f does ) how are you able to offer a partial settlement? ( my g/f is lending me the money ).

Then they'll say, can't your g/f lend you all the money eg sell the car, re-mortgage etc. This is not my debt and I am not paying off someone else's debt. They can get stuffed !!!

Maybe your bankrupt did play the system ( I'm sure lots do ) but maybe his wife was just a lot smarter than her husband and her assets were always her assets ie not transferred from hubbie, and she is funding the lifestyle.

Seriously I'm sure the OR must review for this kind of deception in each case.

delboypass

Im glad there are a lot of sensible people out there. It is just unfortunate that idiots seem to be running this country into the ground.

The real problem has been the ramp up in the number of declared bankruptcies meaning that the OR cannot investigate every individual and it has been publicly announced that bankruptcies are easier so people think why not.

As for the comment that once bankrupt, your life is finished. I wouldnt totally agree with you there. Cleared after 3 months i believe the term is. And you can probably get credit from any major high street lender before, during or after theat period until they all start sharing their data, which they dont want to do as it would mean turning business away.

newfunk

Apple wrote:

Trademark

I saw your previous thread and reaction to it.

I like you, pay my bills and have never reneged on a penny I owe. However I live with someone in debt who considered bankrupcy. Won't go into the details here - I posted about it before.

You said the guy who went bankrupt on you has kids in private school, holidays abroad and placed everything in spouse's name to protect it. No offence, but how do you know the latter ?

See where I'm coming from is the partner's side. My O/H did not go for bankrupcy and is paying debt off. However the credit card/loan companies constantly ring up and ask the same questions : how do you live if no money? ( my g/f pays the bills ), we'll check if you own the property? ( my g/f does ), do you have a car? ( my g/f does ) how are you able to offer a partial settlement? ( my g/f is lending me the money ).

Then they'll say, can't your g/f lend you all the money eg sell the car, re-mortgage etc. This is not my debt and I am not paying off someone else's debt. They can get stuffed !!!

Maybe your bankrupt did play the system ( I'm sure lots do ) but maybe his wife was just a lot smarter than her husband and her assets were always her assets ie not transferred from hubbie, and she is funding the lifestyle.

Seriously I'm sure the OR must review for this kind of deception in each case.

Hi Apple.

I had the same problems as your partner, constantly being bombarded with phone calls, asking how I lived etc...Same reply G/F pays.. Then One asked what she earnt, i told them it was nothing to do with them what she earnt, as it was my debt and the law does not require you to know her details...to which they said, THE LAW states that she has to declare her income....So you can see how some people get duped by these companies..

.As for bankruptcy, I tried for ages not to, but in the end had no choice...

trademark

Thankyou for everyones comments and advice here , i got slated on the other bankrupt thread and misworded or not i feel it was un-justified , now ive explained myself i hope that anyone who was upset can now see my point .

too many people are getting hurt out there because of someones attitude to debt and bankruptcy , one comment that contained disregard for a banks profits was poor as that very bank will pass on any loss of profits to its customer in either fees or loss of interest .

thankyou again and i hope that no one here has to suffer at the hands of a bad debtor