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wish I could afford one

It's so simple - just apply online for bankruptcy

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Bankruptcy: The traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets, including your house, to pay something to the creditors. Since April, applications can be made online and considered by an adjudicator. Costs £655


Who can afford to go bankrupt?

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Just now, SarahBell said:

Bankruptcy: The traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets, including your house, to pay something to the creditors. Since April, applications can be made online and considered by an adjudicator. Costs £655


Who can afford to go bankrupt?

First online tab to open is the pay day lenders.  A few minutes later you have £655.

Second tab to open is to file for bankruptcy.

Everyone can 'afford' it...

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23 minutes ago, SarahBell said:

Bankruptcy: The traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets, including your house, to pay something to the creditors. Since April, applications can be made online and considered by an adjudicator. Costs £655


Who can afford to go bankrupt?

Its not a tradition. It was a legal way to acknowledge you couldnt pay.  Bankruptcy is the risk a lender takes lending and justifies the interest charge to reflect that risk.

Never used to end after 1 year.

That was a recent refinement as lending economy requires as many people get back in the game ASAP.

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Some people make a career out of this. Take lots of money for services you never deliver, syphon assets / cash off elsewhere (accomplice / family member) then go into liquidation. Set up again under another name then repeat etc.

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Hmm. I can see it one day:

 

Just text "BANKRUPT" to 000000, to instruct us

to bankrupt you. Please allow 1 hour for us to complete.

Thank you.

 

Have you tried our Bankrupt app? Download at the

g00gle store today for free! Ideal for people who need

to use our service on a regular basis. The app also

can be set to auto-bankrupt at any time interval that you

choose, whether it be  5 years to 6 months, anything is possible!

Edited by 200p

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What exactly is the problem with personal bankruptcy? The person loses all assets and any savings, the bank auctions off the houses (this should lower prices) and if the interest rates for loans do not reflect the real risk this will be reflected on the bottom line of the bank (which should result in raising rates and limiting credit to others). It seems to me this is how the free market should work. The problems I see arise from interest rates which underestimate risk (we are here) and the banks getting bailouts. But the part about personal bankruptcy seems fine to me.

 

3 hours ago, GreenDevil said:

What happened to debtors prison. Bring that back andmugs would think twice about a 500,000 loan...

That reads a lot like "I hate people who do *are given* loans and can't pay them back, therefore the state should use physical force to make them suffer".

 

12 hours ago, Arpeggio said:

Some people make a career out of this. Take lots of money for services you never deliver, syphon assets / cash off elsewhere (accomplice / family member) then go into liquidation. Set up again under another name then repeat etc.

If debt is cheap, abusing it like this seems like a good way to force the system to be fixed.

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6 hours ago, crashbaby said:

What exactly is the problem with personal bankruptcy? The person loses all assets and any savings, the bank auctions off the houses (this should lower prices) and if the interest rates for loans do not reflect the real risk this will be reflected on the bottom line of the bank (which should result in raising rates and limiting credit to others). It seems to me this is how the free market should work.

Exactly. Defaulting on bubble year debts that cannot be repaid is an important part of getting back to a functioning society in which people and institutions make and then keep their promises.

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22 hours ago, Arpeggio said:

Some people make a career out of this. Take lots of money for services you never deliver, syphon assets / cash off elsewhere (accomplice / family member) then go into liquidation. Set up again under another name then repeat etc.

The law prohibits this..although you seem to betalking about liquidations, which are for legal entitites other than an individual.

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I know a chipper who knew he was going to have to go through bankruptcy (long story).  Anyhow he max'ed out his CC just before on a load of Dewalt power tools knowing they couldn't touch them because they were tools of his trade and he needed them to work.  While they ended up being freebees, bankruptcy hurts a lot when you live off debt

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Received this unsolicited sms tonight:

You may qualify for Government Debt Help. Upto 85% of debt written off. All Charges and fees will be Frozen. Apply at www.121helpuk.com or to OPToutSTOP

I quite fancy a new beemer and 2 weeks in the Caribbean . 

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