dogbox Posted February 15, 2005 Share Posted February 15, 2005 And of course lenders will happily go on lending when they find that most borrowers have a bankruptcy 'get out of jail free card'. Pull the other one. Heres a FEW of the lenders that lend to 1 yr discharged Bankcrupts; BM Solutions (aka Halifax aka Bank of Scot) First National (General Electric - one of worlds largest corps) GMAC (General Motors - global corp) TMB (HBOS again) Platform (Brittania) You see, where theres muck theres brass. Always has always will. Bankcruptcy is just another earning opportunity for Banks. Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted February 15, 2005 Share Posted February 15, 2005 I`m sure BI will remember this post. Very true. I am.I have an order against me. No he couldn't. The court wont just turf you out. The most he will have is 2 years to find an alternative arrangement. If he is married, the wife may be able to keep the house with some type of arrangement. But that depends on the courts and the banks. At the end of the day he has an investment and the judge wont Bankrupt him. He will ask if he has an interest in property. If he says yes, he will ask you to sell the house. If after sellign the house, he is still in debt, the court will then bankrupt him. The official reciever will then take all of his assets to pay the debt. Bankruptcy is the final route for someone with extensive debts and no assets. He may also be able to settle his £50k with £35k, if he talks to the banks. I have a £10k debt reduced to £6k, but coudn't afford to pay it. and another from £2.5k to £1.8k etc. I was bankrupted at £50k, after selling my house car and other possesions. Quote Link to comment Share on other sites More sharing options...
Bankrupt Idiot Posted February 15, 2005 Share Posted February 15, 2005 Could you be more specific BI? Are you saying that bankruptcy is a much harsher process than most posters on this thread seem to think, or much more lenient?<{POST_SNAPBACK}> It is much harsher, it is not as simple as walking away from your debt. Before a judge will even consider bankruptcy, he will ask if you have any property or assets of value "If you lie, you may go to prison". They will know this when they go through your audit trail, and see if you have moved any money into hidden accounts etc. Expect to have yourself, the shirt on your back and a suitcase, after they have gone through everything. They know how much money you have borrowed and earned in your life time, and how much you are still earning. You can't lie to them. Banks are over helpful especially if you owe them money. But on the plus side, if you have no property or assets then you can wipe out a large debt, though you have restrictions on your spending etc. Quote Link to comment Share on other sites More sharing options...
Bankrupt Idiot Posted February 15, 2005 Share Posted February 15, 2005 I`m sure BI will remember this post.Very true. <{POST_SNAPBACK}> Shame you did not post that quicker and I would not have had to repeat myself:) lol Quote Link to comment Share on other sites More sharing options...
schadenfreude Posted February 15, 2005 Share Posted February 15, 2005 DB Of course institutions like GMAC (who have put their mortgagebusiness up for sale) will continue to lend to a discharged bankrupt. The trouble is that they will charge a risk premium which is hefty and will also make damned sure that the security they are lending against is rock solid, ie very small ltv. Also, even once discharged I believe (from previous threads) that the original lenders can still come back to you if you, say, make a profit on a house. Quote Link to comment Share on other sites More sharing options...
Guest Charlie The Tramp Posted February 15, 2005 Share Posted February 15, 2005 Shame you did not post that quicker and I would not have had to repeat myself:) lol<{POST_SNAPBACK}> You should have searched your own posts and copied and pasted. Always remembered it as we had the same doubters then. Dogbox I would suggest you sit in at your local County Court and follow some Bankruptcy cases, very interesting and shocking. I believe (from previous threads) that the original lenders can still come back to you if you, say, make a profit on a house. Yes it was reported in the media way back. Those who had NE in the last crash and were also made bankrupt did not pay some type of discharge payment to the Receiver to clear themselves. So today with their property worth 3x more than that period, the creditors have returned like vultures. Quote Link to comment Share on other sites More sharing options...
Cityfool Posted February 22, 2005 Share Posted February 22, 2005 You should have searched your own posts and copied and pasted.Always remembered it as we had the same doubters then. Dogbox I would suggest you sit in at your local County Court and follow some Bankruptcy cases, very interesting and shocking. Yes it was reported in the media way back. Those who had NE in the last crash and were also made bankrupt did not pay some type of discharge payment to the Receiver to clear themselves. So today with their property worth 3x more than that period, the creditors have returned like vultures. <{POST_SNAPBACK}> As long as you follow the rules you should be clear though. Quote Link to comment Share on other sites More sharing options...
Buccaneer Posted February 23, 2005 Share Posted February 23, 2005 Earlier suggestions to get around the student loan exemption on bankruptcy - Pay off the loan with credit card and then go bankrupt - Raise 110% mortgage, use the 10% to pay off the loan and then go bankrupt If only you guys were running the treasury !!!!! Quote Link to comment Share on other sites More sharing options...
Michael Posted February 23, 2005 Share Posted February 23, 2005 It is much harsher, it is not as simple as walking away from your debt.Before a judge will even consider bankruptcy, he will ask if you have any property or assets of value "If you lie, you may go to prison". They will know this when they go through your audit trail, and see if you have moved any money into hidden accounts etc. Expect to have yourself, the shirt on your back and a suitcase, after they have gone through everything. They know how much money you have borrowed and earned in your life time, and how much you are still earning. You can't lie to them. Banks are over helpful especially if you owe them money. But on the plus side, if you have no property or assets then you can wipe out a large debt, though you have restrictions on your spending etc. <{POST_SNAPBACK}> Can't you get away with slowly siphoning off money into overseas accounts especially cash if you think you're going 'banko'? Quote Link to comment Share on other sites More sharing options...
Casual Observer Posted February 23, 2005 Share Posted February 23, 2005 Can't you get away with slowly siphoning off money into overseas accounts especially cash if you think you're going 'banko'?<{POST_SNAPBACK}> I'm getting a bit concerned about all these suggestions to avoid paying debts! If you borrowed it, pay it off! Someone's gonna pay it in the end - why shouldn't it be you? Quote Link to comment Share on other sites More sharing options...
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