To not feel sorry for a bankrupt(63 Posts)
AIBU not to have much sympathy for an acquaintance who has had to declare herself bankrupt because she has been left with debts incurred by borrowing up to the hilt to live the high life. ( Think cruises and expensive holidays). She was retired when she did this and ended up selling her house to pay off some of them. I have some sympathy for people who have worked very hard, perhaps in a business which has gone belly up, and can do nothing else but declare themselves bankrupt but not this. Somehow I feel people who live like her hurt the rest of us because someone has to pay for these debts and eventually it trickles down to the ordinary person in the street
And the spiteful, mean-spirited streak on MN continues! Recession brings out the worst in people.
I can muster up some sympathy for most people.
I declared myself bankrupt 4 years ago, was the most terrifying thing I've ever done, my ex-h decided he was going to take loans out in my name and forged my signature, I tried to pay it all back but couldn't
Going bankrupt has certainly made me appreciate the money I have in my account, I've no need for overdrafts or credit cards, if I want something I save for it.
Your aquaintance will probably be feeling awful right now.
Seriously? I was deleted.
Some sensitive types here. Sensitive when it suits I fear.
So, I'll say it nicely. It is very mean to be horrible to people that face financial pain.
I know a handful of people that have declared themselves bankrupt. Spending was mainly on designer clothes, holidays and crap they didn't need. There wasn't much loss, kept the houses if they had them by transferring ownership and got it all written off.
I don't have sympathy and I don't know that any of them expected it. I'm sure they were relieved to get things under control. I would object to them doing it again and hope that the system prevents them racking up debt again and make them live within their means.
Most of the people I know had it happen to was pre recession, when they printed it in the much read local paper (shame enough). Do they still do this?
Scrazy yes they do.
And they charge you to go bankrupt no matter what your financial circumstances
I haven't seen it in the paper for a while not that I look. It happened to a friend and other friends didn't know until it was in the paper. I could see her spending was out of control.
They may charge but I bet it's a lot cheaper than actually having to pay back what you have blown.
Can I point out that it is actually quite easy to recreate a lifestyle image several posters mention things like wearing designer clothes etc. these could have been brought from a charity shop for all you know! I just bought dd some UGG boots for £4.78 on eBay. Roughly same price as cheap tat from primark! Or should I dress her in a bin liner do people don't think we are slashing the cash about??
You cannot know about people's finances and/or lifestyle unless you are actually personally involved in spending their money so why is it any if your business?
They charge a small admin fee which doesn't cover the cost. If there are assets or disposable income some more may be retrieved but most of that covers the cost of overseeing the bankrupt estate.
They review each case - usually you are now bankrupt for 1 year though it remains on the credit file as a discharged bankrupt. If they find a case of negligence or misconduct they can make the bankruptcy last for longer -up to 15 years for thw worst cases.
And it is still announced in a paper.
Our local paper doesn't print details of bankrupts, unless they are particularly interesting like a celebrity or high profile businessman. By law it's listed in the London Gazette, so it's public information, but hardly anyone would be looking at that, it's just a listing website of insolvencies, notices etc.
It cost me £525 to go bankrupt (there is an additional amount of £175 which I was exempt from paying due to benefits). So it's quite hard to raise this if you're on a low income, but I managed it by stopping repayments of loans, since they'd all be written off anyway.
I knew a woman like this once. Mid 40's, she was actually deeply unhappy and lonely, with low self-esteem (in spite of being a lovely warm, intelligent, albeit plain looking person) childless, and with a failed, abusive marriage behind her.
She spent money she didn't have to make herself feel like someone, and like life was worth living. She would go on cruises, shop compulsively, buying clothes and expensive make-up when she had no where to go to wear them. She would sit in Selfridge's champagne bar having lunch by herself as a 'treat'.
I could not really find it in my heart to be angry or bitter towards someone like that, even if some of her debt did 'trickle down' to me.
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