Bankrupty? What's the choices?

greenspun.com : LUSENET : Repossession : One Thread

What are the implications of bankruptcy? You lose control of your assets. You cannot obtain credit for over 250 without the permission from the lender. You cannot act as a company director. You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court. You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy. You may not practice as a Charted Accountant / Lawyer You may not act as a Justice of the peace (JP) You may not become an member of parliament You may not become a member of the local authority. Your credit is affected for many years after the annulment. You may be publicly examined in court. What are the advantages of bankruptcy? For the person involved, bankruptcy provides relative peace of mind and possible automatic discharge after two or three years. For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

-- Geoff Winters (Geoff-winters@supadooper.com), September 04, 2002

Answers

Wow! Bankruptcy sounds exactly the same as the effects following repossession - so what the heck! We can't borrow money to make a settlement because of the repo...so what difference does it make! If Bankruptcy puts an end to this nightmare so be it.

-- Fedup (bslforever@hotmail.com), September 06, 2002.

i did it back in 1997 and if u make yrself bankrupt then it lasts for 2 years better than years and years of hell trying to pay back monry you dont have! i didnt have a mortgae or house so i lost nothing except the debts! ;)

-- jamie (cuteboyjamie@hotmail.com), September 09, 2002.

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