Saturday, Jun 17, 2006

Harsh words for those considering bankruptcy!

Independent Online: Debtors are warned that bankruptcy is no soft option.

Thousands of cash-strapped borrowers who are preparing for bankruptcy have not understood the hardship they will face as a result, according to a warning from the debt specialist One Advice. It claims more than 110,000 people are considering declaring themselves bankrupt this year, in many cases because - wrongly - they consider it to be a soft option.

Posted by uncle chris @ 04:51 PM (534 views)
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9 Comments

1. Surfgatinho said...

Still seems like a soft option compared to debtor's prison to me!

Saturday, June 17, 2006 05:48PM Report Comment
 

2. Thebritishbrickie said...

i agree

Saturday, June 17, 2006 11:40PM Report Comment
 

3. Robyswaiting said...

i agree

Saturday, June 17, 2006 11:54PM Report Comment
 

4. Wannabemigre said...

People chock full of assets dont normally consider bankruptcy, those with nothing left consider bankruptcy!! the people in bankruptcy who have assets tend to be put there by creditors petitions (none of the surveys seem to list the number of bankruptcies and liquidations that have crystallised through this method??) so talk of loss of the family home etc is usually to most bankrupts on their own petitions is a non-starter, what they really should say is that the financial institutions will after the order is made judge a bankrupt, discharged or not with extreme prejudice(to steal a line) but then we see the growth of the sub prime market so is there really any harm-after all, we pay interest on capital borrowed not only to reward the lender (ie his income) but also (and most people seem to miss this) to cover the loss of the capital should it not be repaid by the borrower, whether that borrower goes bankrupt or not. With the rise in the number of people going bankrupt will the stigma remain? from society? or from the banks? I much prefer the american attitude to bankruptcy-you haven't really tried unless you have been bankrupt at least once.

Sunday, June 18, 2006 02:02AM Report Comment
 

5. Ticktock said...

Surf,

Great idea that. Roll the clock back to Bleak House times. Why not hang poor people too? This would solve many middle class problems wouldn't it?

P.S. You're days of plenty are numbered.

Sunday, June 18, 2006 10:24AM Report Comment
 

6. Tyrellcorporation said...

Ticktock how about just get people to exercise some self restraint and not spend money that is not theirs... It's easy, I just don't buy huge TVs, new cars and holidays and spurt my money down the nearest local. You'd have to be a dense stig to rack up debt you can't pay off. Don't try and whinge about people being victims of unscrupulous lenders either, it just doesn't wash. You have to be an adult to borrow money and if your brain hasn't developed from that of a 7 year old then you deserve to be taught a damn good lesson... maybe bring back the stocks for these scumbags. I'd queue up with tomatos and rotten eggs... My idea of joy!

Sunday, June 18, 2006 06:12PM Report Comment
 

7. Miniftse said...

I think any hard working fair minded individual probably agrees, the new rules make it too easy to walk away, but punishing by death is probably a little OTT. I think one has to remember the people going bankrupt aren't thinking about it too much, they are just pawns in Gordon Browns big game. After 2001-2003 he got 'em all to go out and spend to prevent a depression and keeps his hopes of No10 alive, he needs to clear them of the debt so they can do the same this time around, spend and keep the economy alive. The debt is scattered across society but doesn't have the same political implications as a tax.

Monday, June 19, 2006 11:07AM Report Comment
 

8. Ticktock said...

I know you would tyrell, I know.

Thank you for your response, i couldn't have hoped for a better illustration.

Your days of plenty are numbered.



Monday, June 19, 2006 12:54PM Report Comment
 

9. bidin'matime said...

But seriously, folks.. it isnt healthy to allow people to go bankrupt too easily. People who gamble heavily in property or business or wherever, and win, claim all the credit and tell people how clever they are - luck had nothing to do with it. However, people who do exactly the same and lose, blame bad luck. Unfortunately, this law seems to reinforce that view.

Its governments job to set general rules of society and, with lenders falling over themselves to lend, someone needs to send a signal that it might not be such a good idea to borrow so much. The problem is that, most people are children at heart and believe that the banks wouldnt let them borrow the money if it wasnt okay to do so.

Having said that, if they sent people to prison for knowing borrowing or taking credit without any proper plan as to how they were going to settle their debts, Id be right behind that idea.

Monday, June 19, 2006 01:30PM Report Comment
 

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