What stigma is attached to bankrupcy?
Answers:
Unless you really have no choice -do not consider this as an option. Consider debt consolidation first.
being broke
smelling like cabbage
poor money management
Your Free now. Enjoy ..! ( company's "Roll over " and start again . i know 5 and there worth £££££ ..! )
It's more common now, and you can usually be cleared of it after 9 months.
the banks will write you off for 7 years, you wont be able to get a mortgage, credit cards, loans, a bank account, all stuff like that. i see people who have been bankrupt as untrustworthy with money, id never be in a relationship with someone who has been bankrupt, as id be worried that they might want to get joint credit cards or bank accounts and spend more than we can afford and drag me down with them. i had it with my ex boyfriend, i was with him for 7 months, i ended up loads in debt, he would use my mobile phone without me knowing and i had monthly bills of £300+, its taken me over a year to get myself straight again after ending the relationship. thats how i perceive all people who have been bankrupt to behave. no concept of money or saving for a rainy day.
Bankruptcy should only be used as a last resort. First of all I would consider a debt management plan or an IVA. Either way you will be unable to get further credit until everything clears up and you operate your accounts satisfactorily for some time.
With bankruptcy , as mentioned, you will not get credit for at least 7 years so no credit/store cards or overdrafts and you may never get a mortgage as one question on most mortgage applications is 'have you EVER been declared bankrupt?'. Most main stream lenders i.e bank and building societies would shun you because of this.
Also in bankruptcy, ALL your assets are taken into consideration so if you have a car etc. you may have to sell this to pay some of your debts, particularly if you cannot prove you need to use it to earn your income i.e. you need it for your job and public transport will not do
There are serial bankrupts out there and numbers are up. Consider all options first as it will make you to be perceived as more of a risk.
noncredit worthiness, no bank accounts allowed, no mortgage allowed, in fact no borrowing of any kind except from loan sharks with 4000% interest.
I wouldn't think any these days,so many people are made bankrupt nobody bats an eyelid.
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