Insolvency/bankruptcy

[Donor]

Im not fucking suprised the bank says no to $10 per week on 30K, that is a pathetic offer just tell your mate to stop being a Bluger and pay his debts

What's wrong with that?

If it's an acceptable figure to our justice system to impose on some little teenage scrotum who has stolen/maimed/killed to make "reparations" then what's wrong with allowing it for someone who has done less?

Same goes for whether it's per week or per month, and is it not better to be seen to making some attempt at making amends to the financial giant?

[Winston001]

Talk to the bank. $10/day doesn't sound entirely unreasonable but they'll probably think he is having them on. He has the right to be heard at a bankruptcy hearing and if he can convince the judge there is a reasonable prospect of payment, he'll be ok. But $10/ on a debt that size isn't going to do it.

Threatened bankruptcy is a tactic used by creditors to see whether a debtor really can get some money together. You'd be surprised how many people "suddenly" find the money, or at least a lump sum, to avoid bankruptcy.

Sometimes bankruptcy is the only option which is a lose-lose for everyone, but it does result in a cleanish slate. Not good for the credit rating though.

[Flyingpony]

Interesting how the bank demands repayment of this 30k debt, yet the Government will allow people to do several hundred hours community service work to clear their 30k debt worth of speeding tickets.

Though, I guess 'speeding tickets' are not real money because if the officer/camera didn't catch you, then the offence wouldn't have been recorded, whilst a bank, gave cold hard cash from their equity fund.

[The Stranger:Me]

Hey DD, would you mind changing your avatar please. It's fucken distracting and makes it hard to focus on the thread.

[Steam]

Hey DD, would you mind changing your avatar please. It's fucken distracting and makes it hard to focus on the thread.

Yeah, I agree. it wouldnt' be so bad if the frame rate was faster.

I guy I know from University went bankrupt to get rid of his student loan. He borrowed the maximum for four years, took his credit cards and overdrafts to the max, got a personal loan for about $30,000, bought a car on finance, etc, and then when he finished his degree he declared bankruptcy and it all disappeared. It was about $70,000 in total I think.
His friends were all pissed off at him for giving students a bad name, but also jealous because they all stilled owed $40,000 or so.
He spent his two years or whatever in europe travelling around, and came back here and now has a house, it seems he got away with it with no real lasting effects, his credit rating mustve been ok, otherwise he wouldn't have gotten a mortgage?
Interesting stuff...

[Winston001]

Interesting. There are certain protected debts which are no written off by bankruptcy. Child Support arrears and Court fines. I thought Student Debt was one as well but supposedly not.

[geoffm]

Interesting. There are certain protected debts which are no written off by bankruptcy. Child Support arrears and Court fines. I thought Student Debt was one as well but supposedly not.

I didn't think you coudl go overseas while bankrubp either. I guess he must have planned it to get out of town during some small window of opportunity.
Lots of property developers pull this lark as well. In the US they call it the "carwash"...
Geoff