A survey recently put out by Equifax shows that there is a broad concern that laws concerning bankruptcy are too lenient.
56% of those polled feel that it is not fair that people who file for bankruptcy will be discharged in a time span of one year and 65% feel the laws should make it harder to declare. However, what these people might not realise that although declarers will be discharged after one year the bankruptcy will stay on their credit reports for six years.
It makes one wonder what these nay-sayers’ opinions would be if they found themselves in a heap of debt?
My partner is considering bankruptcy …… the LAST thing he wants to do BUT doesn’t really have any choice……. His ex wife bled him dry and since then he has struggled to cover his mortgage and utility bills through being unemployed the last 2 years. The mortgage company couldn’t care less…. they will not extend his mtg or change it to a buy to let so he could get tenants in to help with the financial burden….. It has been on the market for the last year but with the current market being so unstable it has yet to be sold ! He is up against a brick wall and NOBODY cares !
He is desperate for someone to buy the house …… he can then pay off the majority of his debts and walk away with something manageable.
As you quite rightly pointed out …..
It makes one wonder what these nay-sayers’ opinions would be if they found themselves in a heap of debt?
Hi I dont agree or disagree,
In my case I worked for a man who kept saying he would pay my wages but never did, he then closed down his business and left me to arrive at work and no one there. When I rang him he said ‘it’s closed go home, and you wont get a penny off me’. I used my savings and struggled whilst he lied. I took him to court on a personal letter he wrote from his own address and won on a County Court Judgement for £14.500 with interest, this has lingered for over 2 years back and forth to court now he ows £23,000. He now has gone Bankrupt. His old home repossessed and any profits paying the mortgage people owing just me. He now lives in a 5 bedroomed new rented house, both his wife & himself have BMW cars and both work full time. What about people left behind to struggle with the debts he left us in, we cant afford more court costs or solicitors and we are just over the legal aid limits. He should be made to pay, 5 bedrooms we have to manage on 2.