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Another Bankruptcy Poster Boy

Why you shouldn’t worry about people finding out about your bankruptcy.

One of the principal concerns for debtors contemplating insolvency is the prospect of being ‘named and shamed’, and of people finding out about their bankruptcy. As a frequenter of debt forums, this is a topic I see regularly in posts from those seriously considering this option. It seems that people are keen to use bankruptcy as a way of discharging their debt, so long as nobody finds out.

On one hand, this concern is understandable; in weighing up the pros and cons of bankruptcy, perhaps the most disturbing disadvantage for a debtor to discover is that their bankruptcy is automatically advertised in the press. Immediately this conjures up powerful images of a prominent notice bearing your name and status for all to see. However, this is not as alarming as it sounds – for the reality is less dramatic.

A person’s bankruptcy is indeed advertised, but either in The London Gazette or the local press. The former is the ‘Official Newspaper of Record for the UK’, highly unlikely to be read by friends, family or employers. In terms of local press advertisements, unless you associate with people who have a keen interest in scouring the ‘Notices’ section, it is equally unlikely that your bankruptcy will become common knowledge. The advertisement of bankruptcy is more of a procedural requirement rather than an attempt to bring about public disgrace.  The only people who have genuine cause for concern over the advertisement of their bankruptcy are public figures. Fortunately it is only celebrities who have to suffer the ignominy of a truly publicised bankruptcy.

Another thing to consider is that we do not live in the middle ages where a parlous financial situation would have been the talk of the town, and everybody was far more likely to know your business. We live in an age of faceless corporations and anonymous cities. In this context, what is it to a man if an advertisement of his bankruptcy appears in a newspaper? Even if it were to be plastered on billboards on ever major road into town it would simply become lost amongst the morass of messages and slogans that bombard us from every angle and available surface.

Whilst public humiliation should not be a concern for most debtors, if you rent your property it is likely that the Official Receiver or trustee will inform your landlord of your bankruptcy. If you have always paid the rent on time, you should reassure your landlord that without any debts, you’ll have no problems with the rent. If your landlord is unhappy with the situation, it is recommended that you seek legal advice. Unless you count your landlord in your circle of friends and they regularly join you for pint in the pub, the issue of your insolvency will remain private. 

So, if the prospect of being ‘outed’ is all that is stopping you from discharging your debt and reclaiming your life, then you’ve really nothing to worry about. Neither friends, family, or work colleagues, will find out about your bankruptcy unless you choose to tell them, providing your name isn’t MC Hammer.

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Hello, I am a bankrupt.

 I am here to tell you how I took my life back from the clutches of the lending institutions, and to demonstrate how bankruptcy enabled me to change my life for the better.

No Laughing Matter?

By sharing my story I hope to bring attention to the issue of mass indebtedness afflicting our debt generation, and in this way hopefully bring about positive change.

If like me, debt has been an issue in your life, why not take some time out from worrying about how much you owe and have a look around. Through this site I intend to offer comfort, advice, and insight into all things debt related.

One thing I do insist on is that we are going to laugh along the way. Debt is such a dreadfully gloomy subject that it’s important to keep smiling. I think you’ll see what I mean.

I’m just getting started so bear with me.

A.N. Other

Personal debt is the scourge of our generation
 
The era of easy credit may be over, at least for the foreseeable future, but for the thousands of people saddled with huge credit card and personal loan debts from a decade of laissez faire lending, the legacy of debt misery is still very much an issue of the day.

The predatory lending propagated by the avaricious banks and lending institutions has created a new class of modern day serfs enslaved to the minimum payment. The lenders have gambled on the compliance of the masses – that the people would simply blame themselves and continue to pay. It’s time to throw off the shackles and reclaim our lives.

An easy way out

Historically, bankruptcy has always been seen as something to be feared and avoided – but not any more. The rules have changed. We may live in an age when indebtedness has never been so widespread, but at the same time it has never been easier to discharge your debt through the streamlined insolvency laws in Britain. These days bankruptcy is a doddle, no more difficult than filling out a loan application. If you’ve no assets then you’ve nothing to lose. Bankruptcy really has become a legitimate lifestyle choice for the debt generation.

Why struggle?

Why strive to pay off thousands of pounds of debt to keep those at the top of the economic pyramid comfortable in their penthouse apartments and fancy restaurants? Bankers are still partying like it’s 2007, drawing obscene bonuses for fixing the mess they created, whilst the dole queues grow and the national debt balloons. As the champagne continues to flow in the city, the people fret and strive to keep up with their payments. The government will do nothing to redress this gross inequality except offer empty rhetoric. Your continuing compliance also keeps the system propped up. The answer? Hang your debts and start living.

A.N. Other

Debt Renegade

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