SS1

iTrader: (3)

ive got a freind whos in the shit financial wise and is going to declare bankrupt

anybody on here done it

what are the pros and cons .i thought you had to pay to declare about £250 or £300

its his last resort. so any help would be more than welcome

lardypants

depends on what assets you hold, if dont own a house etc and earn low its a easy thing to do and more than likely will be disscharged after 7 months and end up not owing a penny


it costs £300 to declare bankruptcy, you have to get a form fromt he courts fill it in and then hand it in pay and book a date for a hearing, in a small amount of case you may have to speak to the judge to tell him why you spunked all ya money lol.


to be honest its a very easy process but it is a fools way out as you can forget any more credit for 6 years

Turbocabbie

Contact the CAB and they should help your mate, and give him balanced advice

I can't see how it happens to people unless they live a life style they simply can not afford... Best advise your friend can get is to live within his means, I personally can't see how people can get in such a financial state.
I do not own a credit card and save to get what I want... I do not have any debt other than a sofa which was interest free credit and I ensur.ed I could afford the payments before signing for it.
At times in my life I have had more than one job and done over seventy hours a week to make ends meet.

Sorry I think declaring bankrupt is weak way out, if money is owed to someone who is a sole trader and works damn hard to better their lives people taking action like this can effect these people greatly.... nobody forced them to take out that loan, that credit card, that mortgage. They only have one person to blame.

Its amazing the amount of people declaring bankrupt that have 37 inch LCD TV's playstations etc

I would simply advise your mate to sell everything he owns including the car if he has one as walking does not cost money and spend as much time as possible working to pay his debts

But no credit or mortgages for six years can help people like this

lardypants

i agree with what your saying but on the other hand for some people there is simply no other way out

Turbocabbie

everyone can find an excuse if the want to look, I mean I did not have the money to provide for my unplanned and completely unexpected family, I had various options open to me including credit cards and debt however I choose to work hard, after I finished my normal job at that time I would clean the toilets used by my colleagues and received much abuse from workmates for doing so. I worked on my days off as well as doing private work where possible.

I simply have no sympathy for bankrupts and see it as a feeble way out,so much is done to help people who get themselves into this position, many of the people that do not get paid when they take this action are small hardworking businessmen and sole traders who unlike these people work hard to obtain a better life.. they can not wait for payment as they have bills to pay themselves

taz010671

I agree with all your saying we don't know the circumstances eg why he's in debt etc.The same thing happened to me got house loans etc all based on 2 f/time wages coming in and then had our 1st daughter who was diagnosed autistic at 2 1/2 years so wife had to pack in work to look after her f/time so income went down by around 20k per year,So now am having to sell home to pay off debt cud have just gone bankrupt but felt this was the easy option and at the end of the day no-one forced us to sign on the dotted line each time we went spending(credit cards) so wud much perfer to work harder and try to pay money back properly

bigjim172000

iTrader: (1)

I can see wh your saying but ant fully agree. My mate was working for a very good company and one day was made redundand with no warning. He had credit cards etc and was made bankrupt as he couldnt find a job quick enough to pay what he owed.

Turbocabbie

Wow hard time, but I must admit I have a great deal of admiration and respect for you, it must be incredibly hard raising an autistic child.. However you are correct in that I do not know the circumstances, however I can not see if people such as yourself in difficult positions can take positive steps to resolve this without going bankrupt then I believe most people can. Credit where its due

I feel the easy option is taken to often though with a statement such as 'last resort' used as an exit clause... It ultimately would have been easier at the age I got my family to allow the taxpayer to pay for me, its the easiest option also... but its simply not the right one

lardypants

of course then you also get a degree of ppl who intentially build up there rating to cards etc with big limits, bang the lot of em then declare bankrupt, so its the bad who make everyone get tarred with same brush so to speak


then theres the dim wits on the rock and roll who get everything on tick and winge when cant pay.

all cases are different

the saint

iTrader: (1)

i went bankrupt a couple of years ago now and yes you do pay a fee for the judge and to the courts.

i didnt want to go bankrupt but when i phoned round my credit cards ect they didnt want to help even though i was insured on them ect, they still wanted me to pay them quite a lot each even though i was out of work

they didnt help me at all so after a chat with citizens advice it was the only option i had

as for you saying work harder ect i think your a complete fucking dick mate straight up......... i worked on average 70 hours a week and worked my bollocks off at that starting work at 1/2 am six days a week..........

i know i got myself into that mess and only have my self to blame but its never as easy as just working harder...... maybe youd like to tell this to the lady down the road in big dept that tried to kill herself the other week mate

i`m thinkfull that i am dept free and now able to start my life again knowing how not to do things and if i cant afford it i dont get it.

if anyone would like any info on bankruptcy you will find great advice at your local citizens advice centre or even speak to you local court about it (this is where you will get the main forms ect)

on another note the day i went to court i was there when the court opened and i was number 18 out of 105 people that day and my depts was actually low after chating to a girl next to me going under for 55k and she was only 21

Turbocabbie

You have every right to think im a dick, but please explain to me in civil terms if thats possible how your situation is so much more difficult than what I have experienced in my life.... When I have not been able to pay for the parts on my car I walk, I have walked 10miles to work, I have been without a car for five years while I paid for bits on mine when I could afford it.
I have had times when I have not gone out with my friends for many months, I have not had a holiday for 10 years as I can still not afford it, I have done multiple jobs for many years and still do when required.
A credit card is a method to buy now what you can not currently afford and thats a fact, if people had some patience and were prepared to save they would not need credit cards.
I prepare for the future and have saved up an emergency fund in case a boiler leaks or I need to pay a months mortgage should I be made redundant... however I would be working in the McDonalds the day after I got put in this position to ensure this was saved for a true emergency while I looked for another job.
I work damn hard for everything I own, this is not to say that like many people I so badly want something such as a new TV however I choose to save for it rather than give in to my own blatant greed and get it on the never ever, people that do this simply do not have my sympathy they know what credit means.

It's to easy to make excuses, point fingers and call people names because they do not understand, and thats true I fail working hard and saving for what I want and what I own is a bad thing or why I should offer sympathy to anyone living beyond their means.
Credit cards are simply a method to buy what you do not have the money for, if you do not have the disapline to control spending on a card such as this such like myself the most intelligent thing to do is not to have one and save.


I do agree that its never as simple as working harder, its only as simple as buying what you can afford

matts1

I do think some people buy far to much on credit, then something crops up meaning there outgoings go up and suddenly their outgoings are more than they have coming in.

Lots are going to get an ass spanking with the way interest rates have shot up and their fixed terms end on mortgages