Bankruptcy.

Why?

Why not?

Any one any 1st or 2nd hand knowledge/experience from either side of the fence...

That or IVA's...

Thanks guys!!

(post or e-mail...)



First sensible post this year I think..

My brother nearly went bankrupt - not a great prospect. It seems to be effectively like a company going "into administration" i.e. your life is run by an accountant (well, a lawyer I believe), and if he says jump, you say "Of course I'll take it up the arse". Nothing you have or want to have, or ever had, is yours - it all belongs to someone else, plus you get to pay off your debts in small amounts over 1,500 years. My brother lost £75000, plus bank and solicitor's costs, nearly lost his house, wife, children and sanity. I had to pay some of his creditors to stop them filing for a winding up order.

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mikeylad said: dont know anything about it myself, but have heard that graduating student with no asstes and big debts and no plans to be company directors anytime soon are opting for bakruptcy.

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Definitely not reccomended...

Things like Mortgages, Loans etc are A LOT harder to find once you've been bankrupt (stays with you for life!)

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Fatboy said:and after 3 years your credit rating will be as good as if you'd spent 3 years struggling to pay off your loan...

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Black marks on your credit file stay with you for seven years. Something like bankruptcy might even stay on your file forever...

Scruff, you're about to recieve mail.

DAZ