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Bankruptcy advice

Bankruptcy advice

Old Jun 18th 2012, 9:12 am
  #31  
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Default Re: Bankruptcy advice

Originally Posted by macy
I have no experience but I do know of people that have gone bankrupt in Australia, in England it would be considered quite a shameful thing to do
I think you may have gotten that round the wrong way. It's very fashionable in the UK to go bankrupt these days.

The shameful thing is of course nonsense. The bankruptcy laws are clearly designed to give people a second chance, they encourage risk taking and entrepreneurship. Plenty of studies done to actually show that on the whole bankruptcy is a positive system for the economy as it 'lubricates' things. If it didn't exist people would get into never-ending arguments and assets etc would get tied up and never released for re-use. And the majority of people incur debts in good faith, they have every intention of paying them back. Where people do not do this and try to rip off the system then there are penalties to deal with this.

Last edited by sr71; Jun 18th 2012 at 9:19 am.
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Old Jun 18th 2012, 9:45 am
  #32  
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Default Re: Bankruptcy advice

Originally Posted by sr71
I think you may have gotten that round the wrong way. It's very fashionable in the UK to go bankrupt these days.
Must be a recent thing. Not aware of that mindset when I last lived there.
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