A collegue has just gone bankrupt on the same day as booking his annual holiday!
Can't believe it - it seems so easy just - he's had all this free money which he doesn't have to repay!
I think it should be made harder and more shameful - eg prison terms and or community service to those who take money they can't afford to repay - Isn't it just theft?
2007-02-20 01:13:33 · 5 answers · asked by frankiex22x 3 in Business & Finance ➔ Personal Finance
I think it is bad bad bad. People seem to have sympathy for people who are thousands in debt but nobody made them spend. They get all the pleasure out of spending the money and then go bankrupt and leave other people picking up the bill. They live off other people and it cost us all in the end.
2007-02-20 01:26:08 · answer #1 · answered by Sylvia C 4 · 0⤊ 1⤋
Yes it is. Some people don't have any shame about being bankrupt (or sequestration as it is called in Scotland). In fact if you know the rules you can get a lot of new stuff just before and get the money written off, keeping the goods. The banks hand out money without proper checks. Staff have targets to meet and people walking in to pay things are offered loans on the spot. People who put that much thought into their finances are the very people who shouldn't be getting loans. In a way the banks deserve what they get. The only people who get away with it are, as usual, people on benefits, who don't own property. If you own your own home you will lose it, or if you work, you'll get your wages arrested.
2007-02-20 01:25:26 · answer #2 · answered by Anonymous · 0⤊ 1⤋
Oh he'll have to repay it, or at least a portion. Bankruptcy laws have changed and it is very difficult to file a chapter 7 and have all debts absolved. Most are now forced into chapter 13, which puts them into a repayment plan to a trustee, who divides the monies collected to pay back creditors. But again, why worry, it's not your credit.
2007-02-20 01:21:59 · answer #3 · answered by Gary N 2 · 1⤊ 0⤋
Bankruptcy is somthing that really bothers me, espically when it happens more then one time. There are very few exceptions like being laidoff and espically medical bills. Anytime else I believe it is unexceptable. But then again I dont know everyones story.
Gambleing, Going On Vacay, Maxing Out your credit cards on designer handbags, things like that are just disgusting.
2007-02-20 01:22:30 · answer #4 · answered by J. 4 · 0⤊ 1⤋
when goverment change rules or interest rates rise it affects income into your business if your income drops and you cannot pay your way why should you go to prision the last answer was stupid.
2007-02-20 01:53:55 · answer #5 · answered by FRANK W 2 · 1⤊ 1⤋