LETS ALL FILE FOR BANKRUPCY

mariano rivera

I could thread this on the Financial/ banking/ money forum but i wanted an idea/ opinions from AHer's. Alos, I don't trust those pesky financial peoples

Why doesn't every one in Debt (There must be loads of Us here at AH) go bankrupt?

If you owe thousands in personnel loans, have no job or you are Hundreds of thousands in Negative Equity why cant we all file for Bankruptcy?



Everyone hand back your loans/ houses and start all over again
Technically speaking a big "Go Fluck Yourself" to the Banky People

I know Financially people will say "Oh you will never get a loan again"

"Biyatch, We aint never getting no loans anyways!"

Also, "you cannot be a director of a company and could never be elected to public office"


Again, who gives a shieet!



List of famous people who have filed for Bankruptcy!

Donald Trump, financier
Michael Jackson, singer
Elton John, singer/composer
Kim Bassinger, actress
Mike Tyson, boxer
Mark Twain, humorist
Burt Reynolds, actor
Thomas Jefferson, president
Willie Nelson, country singer
Lorraine Bracco, “The Soprano’s” actress
Oscar Wilde, playwright
Jerry Lee Lewis, rock singer
Rembrandt, painter
Henry Heinz, ketchup magnate
Milton Hershey, chocolate magnate
Henry Ford, auto magnate
Walt Disney, creator of Mickey Mouse
Mick Fleetwood, rock singer
Larry King, talk show host

Deus Ex Machina

mariano rivera wrote: »

I could thread this on the Financial/ banking/ money forum but i wanted an idea/ opinions from AHer's. Alos, I don't trust those pesky financial peoples

Why doesn't every one in Debt (There must be loads of Us here at AH) go bankrupt?

If you owe thousands in personnel loans, have no job or you are Hundreds of thousands in Negative Equity why cant we all file for Bankruptcy?



Everyone hand back your loans/ houses and start all over again
Technically speaking a big "Go Fluck Yourself" to the Banky People

I know Financially people will say "Oh you will never get a loan again"

"Biyatch, We aint never getting no loans anyways!"

Also, "you cannot be a director of a company and could never be elected to public office"


Again, who gives a shieet!



List of famous people who have filed for Bankruptcy!

Donald Trump, financier
Michael Jackson, singer
Elton John, singer/composer
Kim Bassinger, actress
Mike Tyson, boxer
Mark Twain, humorist
Burt Reynolds, actor
Thomas Jefferson, president
Willie Nelson, country singer
Lorraine Bracco, “The Soprano’s” actress
Oscar Wilde, playwright
Jerry Lee Lewis, rock singer
Rembrandt, painter
Henry Heinz, ketchup magnate
Milton Hershey, chocolate magnate
Henry Ford, auto magnate
Walt Disney, creator of Mickey Mouse
Mick Fleetwood, rock singer
Larry King, talk show host

Pardon moi?

Fbjm

But what if we work hard, take on extra jobs... Ah feck it.

Blast the bank with piss op!

John Doe1

mariano rivera wrote: »

I could thread this on the Financial/ banking/ money forum but i wanted an idea/ opinions from AHer's. Alos, I don't trust those pesky financial peoples

Why doesn't every one in Debt (There must be loads of Us here at AH) go bankrupt?

If you owe thousands in personnel loans, have no job or you are Hundreds of thousands in Negative Equity why cant we all file for Bankruptcy?



Everyone hand back your loans/ houses and start all over again
Technically speaking a big "Go Fluck Yourself" to the Banky People

I know Financially people will say "Oh you will never get a loan again"

"Biyatch, We aint never getting no loans anyways!"

Also, "you cannot be a director of a company and could never be elected to public office"


Again, who gives a shieet!

Bankruptcy is for LOSERS

El Weirdo

LET'S ALL TYPE IN CAPS!

mariano rivera

mariano rivera wrote: »

If you owe thousands in personnel loans

I don't hire that many personnel

ejmaztec

John Doe1 wrote: »

Bankruptcy in Ireland is for LOSERS, and bankruptcy in the UK is for dodgy WINNERS

fyp.

MagicMarker

bluewolf wrote: »

I don't hire that many personnel

Only Charlie Sheen would hire that many.

amacachi

I agree with the OP, if Mike Tyson did something then it has to be an excellent idea.

AhSureTisGrand

The only ones to benefit from this would be those who are bankrupt anyway

Ave Sodalis

I quite like my house and would prefer it to be kept, thank you very much

amacca

OP I find it intriguing (well mildly interesting at least) that you have chosen as your username that of a new york Yankees pitcher of quite some note.

if its not too nosey of me................are you a Yankee or a baseball enthusiast or both?


as for the everyone "filing" for bankruptcy .......... I doubt its going to happen en masse anytime soon.......................then again who can predict.

wolf moon

Why do we all have to file? I'm doing pretty well, I see no reason to become a bankrupt. Doesn't make sense!

Mike 1972

mariano rivera wrote: »

List of famous people who have filed for Bankruptcy!

in Ireland ?

Kensington

What the hell is going on here?

PCPhoto

(attaches sensible head)

you do realise that in Ireland if you declare bankruptcy - you simply agree a schedule of debt repayments which are easier for you to maintain ...so instead of paying thousands you pay hundreds - so you are not financially crippled - but the bank takes back the property that you used as a guarantee .... you continue to pay off the debt.

(/removes sensible hat)

yeah yeah blast em with ..... meh !

recyclebin

Bankruptcy laws are way tougher in Ireland compared to other countries. It takes something like 12 years in Ireland but only 1 in UK. None of the people on the list are Irish

Ponster

Mike 1972 wrote: »

in Ireland ?

Bankruptcy laws in Ireland are nothing like what they are in the USA (where most of those listed are from).

I'd like to see a list of Irish people who claimed bankruptcy and who came out of it at the other end and regained their power/wealth.

Saila

El Weirdo wrote: »

LET'S ALL TYPE IN CAPS!

Lets all.....go to the lobby

newmug

Seriously though, why is it seen as such a bad thing? If you have nothing, but you owe loads, you can get your debts wiped out and start fresh, no? Am I missing something?

mariano rivera

newmug wrote: »

Seriously though, why is it seen as such a bad thing? If you have nothing, but you owe loads, you can get your debts wiped out and start fresh, no? Am I missing something?

Exactly!

Unless I am missing something too

ShooterSF

newmug wrote: »

Seriously though, why is it seen as such a bad thing? If you have nothing, but you owe loads, you can get your debts wiped out and start fresh, no? Am I missing something?

Read up stu..wert (if that is your real name!)

starbelgrade

newmug wrote: »

Seriously though, why is it seen as such a bad thing? If you have nothing, but you owe loads, you can get your debts wiped out and start fresh, no? Am I missing something?

It might sound strange, but if you've no money, then you can't afford to go bankrupt. Bankruptcy cases must be taken to the High Court & you need a team of solicitors & barristers for that.

After that, you are stuck in bankruptcy for 12 years in which time you are only allowed a very minimum income & are not allowed to apply for credit above €650.

You can be released from bankruptcy before that, but only if you basically pay off most of your debts.

There's no simple solution to becoming debt free in Ireland. Apart from paying off your debts that is.

amacca

Kensington wrote: »

What the hell is going on here?

Just go with it ffs

its easier that way.....I stopped trying to make sense of things on AH ages ago and now my life is 34.5% happier...fact!

Immaculate Pasta

https://www.youtube.com/watch?v=HuGIgf-ICHM

:cool:

Archeron

No, no, I'M bankrupt, and so is my wife.

mariano rivera

starbelgrade wrote: »

It might sound strange, but if you've no money, then you can't afford to go bankrupt. Bankruptcy cases must be taken to the High Court & you need a team of solicitors & barristers for that.

After that, you are stuck in bankruptcy for 12 years in which time you are only allowed a very minimum income & are not allowed to apply for credit above €650.

You can be released from bankruptcy before that, but only if you basically pay off most of your debts.

There's no simple solution to becoming debt free in Ireland. Apart from paying off your debts that is.

OK

So, say you have little or no income

you owe (say) 250k negative equity.

You file for bankruptcy which costs you 2k

All your debts are wiped

Happy days!

Right?

SpatialPlanning

mariano rivera wrote: »

OK

So, say you have little or no income

you owe (say) 250k negative equity.

You file for bankruptcy which costs you 2k

All your debts are wiped

Happy days!

Right?

"High Court" + "team of solicitors & barristers" = 2k?? Are you only hiring bankrupt solicitors and barristers?

For Forks Sake

PCPhoto wrote: »

yeah yeah blast em with ..... meh !

blast em with liquidity .... wahey!!

the groutch

ok OP, you go first, I'll go next, I promise

wingsof daun

The biggest problem if you don't pay your debts is that a bank might threaten you? Am I right? You are not doing anything illegal by refusing to pay a bank a debt. yea? You could also refuse to pay taxes to the government but this may get you into more bother. It would still be interesting to see how FG would react if a large portion of taxpayers did this.

newmug

SpatialPlanning wrote: »

"High Court" + "team of solicitors & barristers" = 2k?? Are you only hiring bankrupt solicitors and barristers?

Ok ok. So say you owe 2.5 million. Secretly, you have 700K hidden away, either offshore or in someone elses name, ie. enough to start over. Thats a net worth of minus 1.8 milion.

You hire your legal team, get yourself declared bankrupt, pay the wigs 100K, you now owe zero AND have a net worth of 600K! I cant get my head around why people see this as a bad thing? Other than the immorality of it? Why do yiz all think bigshots like Sean Quinn do this?

mariano rivera

the groutch wrote: »

ok OP, you go first, I'll go next, I promise

Maybe i will !

Stick it to Man!

kraggy

recyclebin wrote: »

Bankruptcy laws are way tougher in Ireland compared to other countries. It takes something like 12 years in Ireland but only 1 in UK. None of the people on the list are Irish

Oscar Wilde was Irish.

djk1000

newmug wrote: »

Ok ok. So say you owe 2.5 million. Secretly, you have 700K hidden away, either offshore or in someone elses name, ie. enough to start over. Thats a net worth of minus 1.8 milion.

You hire your legal team, get yourself declared bankrupt, pay the wigs 100K, you now owe zero AND have a net worth of 600K! I cant get my head around why people see this as a bad thing? Other than the immorality of it? Why do yiz all think bigshots like Sean Quinn do this?

That would be illegal! What you want to do is give your wife lots of your cash, then declare yourself bankrupt and she can support you. That's what the developers are doing anyway. ( a certain banker got a six figure loan from his wife to start a business in the US, this wife had never worked outside the home).

As for bankruptcy in Ireland, it's no picnic! Everyone in the country over the border and then go bankrupt, have a bit of a party up there for a year, get discharged and come back south with a clean slate ;-)

the_syco

starbelgrade wrote: »

After that, you are stuck in bankruptcy for 12 years

Seems they want to reduce this to 3 years :eek:

starbelgrade

mariano rivera wrote: »

You file for bankruptcy which costs you 2k

All your debts are wiped

Happy days!

Right?

Wrong again.

Your debts are not wiped even if you are bankrupt. There is no such thing as a clean slate.

If you are in debt however, you can always negotiate with your debtors which is cheaper than a High Court case. Many banks & credit card companies will settle for 40% or lower than the capital amount you borrow, though they don't go around advertising this (for good reason, I'd imagine).

The same however, doesn't apply to mortgages, but there's other ways of reducing that.

newmug

starbelgrade wrote: »

Wrong again.

Your debts are not wiped even if you are bankrupt. There is no such thing as a clean slate.

If you are in debt however, you can always negotiate with your debtors which is cheaper than a High Court case. Many banks & credit card companies will settle for 40% or lower than the capital amount you borrow, though they don't go around advertising this (for good reason, I'd imagine).

The same however, doesn't apply to mortgages, but there's other ways of reducing that.

So if your debts are not wiped clean, why do people do it at all?

Ze Germans would invade the **** out of us.. Not worth it.

tucked

newmug wrote: »

So if your debts are not wiped clean, why do people do it at all?

If you do it in the UK your debts can be wiped clean 100% in 1 year.
Probably the main reason more people don't do it is because you would have to show that you are resident in the UK for 6 months or more. Not very practical for anyone with a family to do. The cost of moving over and financing living there would probably be too much if your in that situation in the first place.

3rdDegree

kraggy wrote: »

recyclebin wrote: »

Bankruptcy laws are way tougher in Ireland compared to other countries. It takes something like 12 years in Ireland but only 1 in UK. None of the people on the list are Irish

Oscar Wilde was Irish.

And died in prison*





* For a totally different crime than non payment of debt, but that's not much consolation to him now, is it?

Richard Dower

You forgot Kerry katona.

I actually think this could be a great idea..

Robdude

There is nothing immoral or unethical about filing for bankruptcy. If you are in a situation where you would be better off doing it - go for it.

I don't know the details of Irish law, but there are probably a lot of details you'll need to look into. It might mean losing a lot of the things you own and being unable to get loans in the future. In many cases, I don't believe all of your debt will be eliminated either. I know in the US, if an employer does a background check and sees a bankruptcy it could prevent you from getting a job.

Pdfile

Richard Dower wrote: »

You forgot Kerry katona.

And afroman.

galwayrush

Richard Dower wrote: »

You forgot Kerry katona.

We were trying to forget her.:mad:

starbelgrade

newmug wrote: »

So if your debts are not wiped clean, why do people do it at all?

Because they owe vast sums of money - I'm talking multiple millions here - and while they still are obliged to part pay a good deal of the debts during the time they are bankrupt, the interest is normally frozen & the debtors will often come to some type of agreement on how to pay a reduced capital balance.

But as I said, it's an expensive solution that most people can't even afford to do which is why so few people (less than 10 last year) have gone this route.

newmug

starbelgrade wrote: »

Because they owe vast sums of money - I'm talking multiple millions here - and while they still are obliged to part pay a good deal of the debts during the time they are bankrupt, the interest is normally frozen & the debtors will often come to some type of agreement on how to pay a reduced capital balance.

But as I said, it's an expensive solution that most people can't even afford to do which is why so few people (less than 10 last year) have gone this route.

So its just a roundabout way of squirming out fully of paying what you owe, but you still have to pay a bit?

Robdude wrote: »

There is nothing immoral or unethical about filing for bankruptcy. If you are in a situation where you would be better off doing it - go for it.

Ah there is! If someone owed YOU money, and they tried to get out of paying you back, would you not be outraged?


I'm still finding it hard to get my head around all this. So if its not all its cracked up to be, why do people bother? What is the advantage of declaring bankruptcy if you still owe the money?

mariano rivera

3rdDegree wrote: »

And died in prison*





* For a totally different crime than non payment of debt, but that's not much consolation to him now, is it?

Nope

He died 3 years after he got out of prison

I Heart Internet

Do PAYE folk go bankrupt?? Seems to me that it's geneally a business-person/self-employed pursuit. I have nothing against honest business people/employers btw. Just wondering.

Do PAYE workers just get to "knuckle down" and bear it?

starbelgrade

newmug wrote: »

So its just a roundabout way of squirming out fully of paying what you owe, but you still have to pay a bit?

I'm still finding it hard to get my head around all this. So if its not all its cracked up to be, why do people bother? What is the advantage of declaring bankruptcy if you still owe the money?

As I said before, it's a way of reducing what you owe. It's an official court ruling that distributes whatever assets you may have amongst your creditors.

The main advantage to it is that you reduce your overall debt, though there are also a huge amount of disadvantages to it.

The laws regarding bankruptcy in Ireland are pretty draconinan, which is probably why Sean Quinn chose to declare himself bankrupt under the much less severe UK bankruptcy laws.