Bankrupt or not to bankrupt??

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Permalink Reply by Di on March 28, 2010 at 10:27am

they say after 7 years of bankruptcy that all's ok. i had a hell of a time finding another loan, then when i did the repayments are so high! really look into it please. good luck

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Permalink Reply by Jason Gamba on April 22, 2010 at 8:16pm

After you have been discharged, I recall my insolvency law lecturer specifically saying, questions about "Have you been bankrupt before?" can be answered in the negative.

Whilst not legal advice, I take that response as being "Essentially, a discharged bankrupt is as good as ever being bankrupt under the eyes of the law, so it's none of their business and it's not lawfully wrong to say "no"." Good luck - but 7 years is a hell of a long time in my view.

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Permalink Reply by Vonny on April 24, 2010 at 7:48pm

There's also restrictions with you being a future company director if you have been bankrupt in the past. If you're planning to start a new company, I would check that out.

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Permalink Reply by Nikki_83 on August 5, 2010 at 9:55pm

Hi, I am unable to comment on the business side but my husband and I went bankrupt and are now discharged, when we went bankrupt (we were both 23 yrs old with approx $35,000 debt) a weight was lifted from our shoulders, both of us werent working, I was on maternity leave after having our forst child and my husband had been layed off. Sometimes I regret the decision thinking that we could ahve really tried and payed it off then I always remember what our finiancial adviser had said "if you have no money to pay the debt and look after yourself and your family then it would be best to go bankrupt", so when ever someone asks me if they should declare bankrupt I tell them this and then I look at my kids and think they would have what they have if we didnt go bankrupt. If you do decide to go bankrupt make sure you always follow thru with you credit report as we had a few surprises recently that should have come off. I guess my advise would be to go see a finacial advisor although ultimatly the decision is yours and what you would be comfortable with but if you decide to do it dont look back and look forward to the future. Good luck and I hope you make the right decision for yourself and I hope my little insite was helpful :c)

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