Bankruptcy

[OwlHoot]

The point is, you're skint.

and if it's any consolation, you're far from the only one.

Personal savings ratios have been dropping steadily throughout Europe for several years, and in the UK this year have reached practically zero, and start dipping into negative territory - I saw an alarming graph the other day, but can't now find it again.

Sorry to drone on about politics in a personal thread; but I think the Government has made a terrible mistake bumping up taxes instead of being more ruthless with public sector job cuts and benefits. If anything, they should have gone the other way. Most people, especially those with families, just won't be able to make ends meet for much longer.

[Platypus]

and if it's any consolation, you're far from the only one.

Personal savings ratios have been dropping steadily throughout Europe for several years, and in the UK this year have reached practically zero, and start dipping into negative territory - I saw an alarming graph the other day, but can't now find it again.

Sorry to drone on about politics in a personal thread; but I think the Government has made a terrible mistake bumping up taxes instead of being more ruthless with public sector job cuts and benefits. If anything, they should have gone the other way. Most people, especially those with families, just won't be able to make ends meet for much longer.

Interesting read here:
A decade of debt

[lilelvis2000]

I'm guessing this was a business debt? Personal bankruptcy (self declared) doesn't involve IPs nor does it involve you having to pay fees to professional practitioners. The point is, you're skint.

No it was personal. She didn't declare, one of the creditors petitioned and the court agreed. If it is self-declared I believe that the government handles it - I think.

You may not be skint, you may have assets which can be liquidated to cover your debts. eg: equity in a property, furniture, cars, etc.. A lot of people try it on to escape debt thinking its 'free' - it ain't.

[Sysman]

You may not be skint, you may have assets which can be liquidated to cover your debts. eg: equity in a property, furniture, cars, etc.. A lot of people try it on to escape debt thinking its 'free' - it ain't.

I gather they also ask if you have any shares, so your LtdCo could be snatched from you.

Woosh - end up as a permie but still working as a contractor

A mate's father quietly removed the mate from the board of their family run company while a nasty divorce was going through.

[SueEllen]

This reads to me as if she is the one who should be considering bankruptcy, not you.

Since you aren't married, you have no legal obligation for any negative equity she has. In the cold hard light of day you could actually walk away from all this and get your finances sorted, leaving her to go bankrupt and rely on state handouts thereafter.

On her refusal to move to Germany - most of us have had to put up with working and/or living in places we detest at some time or other. What has she done that makes her the exception? And why should you pay for that?

Sorry to be blunt, but it needed saying.

To be fair it sounds like she doesn't understand the situation because she hasn't been told it in a way she can visualise the debt.

As far as she is concerned because they are managing they are fine. After all if you are being flown out to Germany monthly then every thing would look OK.

Maybe it's worth doodab (under a different username off course) posting on one of the debt forums of MoneySavingExpert and asking for different ways to get someone to see that they are in debt and then trying them out.

If it then doesn't work then he can consider walking away (and paying support for your son).

[Sysman]

To be fair it sounds like she doesn't understand the situation because she hasn't been told it in a way she can visualise the debt.

As far as she is concerned because they are managing they are fine. After all if you are being flown out to Germany monthly then every thing would look OK.

Maybe it's worth doodab (under a different username off course) posting on one of the debt forums of MoneySavingExpert and asking for different ways to get someone to see that they are in debt and then trying them out.

If it then doesn't work then he can consider walking away (and paying support for your son).

You put it well SE. Another consideration is that doodab doesn't want to end up with his missus on benefits and the CSA chasing him for absurdly large support claims for the son. We've discussed that one elsewhere in the past.

[doodab]

You put it well SE. Another consideration is that doodab doesn't want to end up with his missus on benefits and the CSA chasing him for absurdly large support claims for the son. We've discussed that one elsewhere in the past.

My brief look into what the CSA would likely say (we had a rough patch a few years ago) would make me a lot better off. I don't want to go down that route though.

[Normie]

When we moved in to our little flat I had had steady work for at least £450 for years, and after taking a few months off when my son was born I was back on the gravy train, but the arse really dropped out of the market in 2008 and I had six months on the bench before coming over here, not because the rate was good but because it was the only thing that came up in that 6 months.

I've been contracting for just over 13 years and up until 2008 I had never been on the bench and aside from the first gig I ever got and two others I've never even had an interview, I didn't even have to think about looking for work because people who knew me would phone me up and offer me jobs. 99% of that was because of the generic skills I have in addition to niche product X, and of course I had little cause to chase non-niche jobs with people phoning me up and offering me work. Great as that was, I think it might turn out to be a bit of a curse, because those jobs have just dried up now.

Well, we aren't married, and I don't have a stake in any of the flats. My assets amount to a few boxes of books, CDs, DVDs etc, computer & network stuff and a few musical instruments and things. Oh, and some hand tools, multimeter, oscilloscope, the furniture in the house and so on.

Got to ask the question, where the fk has all your money gone over the years??

[sasguru]

Got to ask the question, where the fk has all your money gone over the years??

WHS.

[DimPrawn]

Got to ask the question, where the fk has all your money gone over the years??

That's a very good question.

I have no sympathy on this one, and no advice to offer other than if you were really earning £700 a day for years, you should have a house, no mortgage and lots of cash in the bank.