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?