It is interesting; the most common mistakes are direct opposites. Time and time again we’ve seen people in desperate situations not consider bankruptcy for emotional reasons and we’ve seen people petition for bankruptcy unnecessarily because they failed to investigate their options when in financial trouble.
To avoid these common bankruptcy mistakes all you have to do [...]
Archive for May, 2006
5 May 2006
Bankruptcies hit another record
Irresponsible lending is partly to blame for the surge in bankruptcies
The number of individual insolvencies in England and Wales soared by an annual 36.8% in the second quarter, official figures show.
The Department of Trade and Industry (DTI) said total individual insolvencies reached 15,394, the highest level since records began. [...]
5 May 2006
Bankruptcies show sharp increase
Nearly 70,000 people became insolvent in 2005, the highest since records began, the Department of Trade and Industry (DTI) has said.
There were a record 20,461 insolvencies in England & Wales during the final quarter of 2005, a 57% annual rise.
Experts blame the rise in insolvencies on greater personal debt, slow [...]
5 May 2006
Maxwell avoids bankruptcy again
The youngest son of the disgraced media tycoon Robert Maxwell has avoided being declared bankrupt for a second time.
Kevin Maxwell who is thought to owe about £3m, reached an agreement with his creditors at Oxford County Court.
The father-of-seven became Britain's biggest bankrupt in 1992 with debts reaching [...]
5 May 2006
Rap music mogul Marion “Suge” Knight has staved off receivership by seeking bankruptcy protection
Rap music mogul Marion "Suge" Knight has staved off receivership by seeking bankruptcy protection for himself and his music label, Death Row Records.
The record producer had been ordered to pay more than $100m (£57m) to a former associate who said she had helped start the record label in 1989.
Lawyers for Mr Knight said he [...]
Experian ®, the global information solutions company, has launched the Experian Bankruptcy Score, the UK's first widely available predictor of personal bankruptcy. With bankruptcy having risen rapidly over the last two years, the Bankruptcy Score enables lenders to predict with greater accuracy the likelihood of an individual consumer declaring [...]
Da Vinci Code case losers face bankruptcy(Filed: 04/05/2006)
The two authors who attempted to sue over Dan Brown's popular novel the Da Vinci Code are struggling to pay a £1 million plus legal bill from their failed High Court case.
The case against Dan Brown was thrown out
Mr Justice [...]
5 May 2006
Secured Debt
A secured debt is one which the lender has hard collateral pledge to guarantee the loan in case of default by the borrower. For example, a home mortgage is a secured debt since the home is pledged as collateral for the repayment of the debt. If the payments are not made then the creditor has [...]
5 May 2006
Unsecured Creditor
An unsecured creditor is a creditor that lends you money simply based on your promise to repay rather than requiring you to pledge collateral as security in case you default on the debt.
For example, a credit card is typically an unsecured debt. The creditor only has their ability to use the law to enforce repayment [...]
