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Questions and Answers
Why is more and more british young adults filing for bankruptcy?
Q) It s alarming the number of young adults who file for bankruptcy.Because it looks like the easiest way around, personally I think people take the system for granted. Wouldnt it be the best idea to take responsibility , work hard and pay the debts off? What are your ideas?
A) This rise is consistent with the rise of the 'Footballer's Wife' image so touted by the likes of Victoria Beckham and Colleen McLoughlin. The major problem is that many young women who follow these celebrities then become desperate to emulate this glamourous lifestyle, buying designer clothes, holidays and jewellery they know they cannot afford.
This country also has the biggest number of credit agencies in Europe. There are more dredit card companies than ever, and more loan companies. Their 'cheap' credit and easy money are an attraction for cash-strapped families who struggle to cover existing debt or financial commitments such as the mortgage.These offers then seem good- you can have a big sum of money and pay it off later. One problem identified is that loan companies do not share information on borrowers, and so the total amount of debt is not revealed. There have been several UK cases in which people have committed suicide after falling into massive debt.
But many families are in debt simply trying to survive, buying essentials such as food and clothes for the children.
There is als a massive consumer culture in this country, where brands mean a lot, and so people rush to the latest technology.
People in this country are also too used to giving into their childrens demands, Few children can understand their parents have to earn that money, and also many items such as iPods are status symbols- you are considered uncool without the latest iTunes or the newest football boots (which are often advertised by celebrity football players and too many people make the assumption that if they are worn by professionals they must be good. Few parents in Europe would allow this, and it certainly wouldn't have happened only 20 years ago.
But few people realise that bankruptcy means a mark on their credit record, problems getting future credit, and also not being able to do any major financial project for any where up to 5 years. Working to pay off debt seems like too much hard work for young people who are too used to getting what they want when they want. But on the flipside some families are too stretched to do anything.
A better idea would be to educate both children and young adults on basic financial skills- budgeting, basic accounting, financial terms (few young people know what an overdraft is or an OD on a statement)- this would hopefully PREVENT the problem before it starts, saving money and even lives in the process.
how do i file for bankruptcy?
Q) my ex wife left me with a large sum of her debt i am supposed to pay it how do i go about bankrupcty and what are the disadvantages
A) Have a look at the site below for all the info and copies of the necessary forms.
Starting new after bankruptcy?
Q) I filed for bankruptcy back in 2001, July 2005 it said that my time was spent. Back then i was bad with money. Now i find it hard ot fix my cridet and I am know making £40,000+ not counting my wifes income.
How do I fix my cridet, I can't even get a mobile phone or open a new bank account.
The bankruptcy was only for the sum of £12,000
So how do you fix your cridet scoring in the UK
A) Forget the abuse, sympathise with you, those that have never tried, never failed.
Re: your credit, get hold of a copy of all your files: Experian, Equifax and another I can't remember the name of, make sure it is correct, check ALL entries on all reports, repay any outstanding amounts and go from there.
Mail order catalogues are also quite good at helping you rebuild a credit history, one of the major credit reference agencies was started by Great Universal Stores (GUS), open an account, buy a few goods and repay well to build a good record.
Bankruptcy is not the easy option it is portrayed as, is it.
HELP!!! I am being sued over a repo'ed car loan on my wife's car eventhough I never...
Q) My wife bought a car in her name only, my name appears no where on the contract. The car was eventually repo'ed. My wife then filed bankruptcy. Next thing I know I am being sued for the balance of her car note. They say the have justification under the "Family Purpose Doctrine". Also, they say that because the car was used to accomplish family responsibilities, I am fully responsible. Do they have a case? Should I be worried?
Live in Colorado
A) It actually depends on the state in which you reside. If you live in one of the nine community property states any debt incurred by either spouse individually or by the couple together is considered marital property. These states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. This means any debt incurred by one individual in a marriage is a debt for that person's spouse. If you don't live in one of the above states, check on the legal issues in your state.
Does anyone know of any UK bank that offers bank accounts to UNDISCHARGED bankrupts?
Q) I will be filing for bankruptcy within the next two months and when I do so all my accounts will be frozen. I will then need a bank account with a bank which accepts applications from undischarged bankrupts. Most of the basic bank account providers only provide such accounts to discharged bankrupts not undischarged ones. Does anyone know of any UK bank that offers bank accounts to UNDISCHARGED bankrupts? Many thanks!
I have heard of the COOP but they are one of my creditors.. are their any other uk banks?
A) The Co-Operative Society bank offer one to bankrupts. It is called a Cashminder account and it is a basic account with no overdraft facility or associated credit card. You get a debit card only. It is specifically for bankrupts and those with a bad credit record.
Republicans.How many of these allegations can you disprove?
Q) RESUME OF GEORGE BUSH
1600 Pennsylvania Avenue
Washington , DC 20520
EDUCATION AND EXPERIENCE:
I was arrested in Kennebunkport, Maine, in 1976 for driving under
the influence of alcohol. I pled guilty, paid a fine, and had my
driver's license suspended for 30 days. My Texas driving record has been "lost" and is not available.
I joined the Texas Air National Guard and went AWOL. I refused to
take a drug test or answer any questions about my drug use. By
joining the Texas Air National Guard, I was able to avoid combat duty in Vietnam.
I graduated from Yale University with a low C average.
I was a cheerleader.
PAST WORK EXPERIENCE
I ran for U.S. Congress and lost.
I began my career in the oil business in Midland, Texas, in 1975.
I bought an oil company, but couldn't find any oil in Texas . The
company went bankrupt shortly after I sold all my stock.
I bought the Texas Rangers baseball team in a sweetheart deal that took land using taxpayer money.
With the help of my father and our friends in the oil industry,
including Enron CEO Ken Lay, I was elected governor of Texas.
ACCOMPLISHMENTS AS GOVERNOR OF TEXAS
I changed Texas pollution laws to favor power and oil companies,
making Texas the most polluted state in the Union.
During my tenure, Houston replaced Los Angeles as the most
smog-ridden city in America.
I cut taxes and bankrupted the Texas treasury to the tune of billions in borrowed money.
I set the record for the most executions by any governor in
With the help of my brother, the governor of Florida, and my
father's appointments to the Supreme Court, I became President after losing by over 500,000 votes.
ACCOMPLISHMENTS AS PRESIDENT
I am the first President in U.S. history to enter office with a
I invaded and occupied two countries at a continuing cost of over
one billion dollars per week.
I spent the U.S. surplus and effectively bankrupted the U.S.
Treasury. I shattered the record for the largest annual deficit in
I set an economic record for most private bankruptcies filed in
any 12-month period.
I set the all-time record for most foreclosures in a 12-month period.
I set the all-time record for the biggest drop in the history of
the US stock market.
In my first year in office, over 2 million Americans lost their
jobs and that trend continues every month.
I'm proud that the members of my cabinet are the richest of any
administration in U.S. history. My "poorest millionaire," Condoleeza
Rice, had a Chevron oil tanker named after her.
I set the record for most campaign fund-raising trips by a U.S.
President. I am the all-time U.S. and world record-holder for
receiving the most corporate campaign donations.
My largest lifetime campaign contributor, and one of my best
friends, Kenneth Lay, presided over the largest corporate bankruptcy fraud in U.S. History, Enron.
My political party used Enron private jets and corporate attorneys
to assure my success with the U.S. Supreme Court during my election decision.
I have protected my friends at Enron and Halliburton against
investigation or prosecution.
More time and money was spent investigating the Monica Lewinsky affair than has been spent investigating one of the biggest corporate rip-offs in history.
I presided over the biggest energy crisis in U.S. history and
refused to intervene when corruption involving the oil industry was revealed.
I presided over the highest gasoline prices in U.S. history.
I changed the U.S. policy to allow convicted criminals to be awarded
I appointed more convicted criminals to administration than any
President in U.S. history.
I created the Ministry of Homeland Security, the largest
bureaucracy in the history of the United States government.
I've broken more international treaties than any President in U.S. history.
I am the first President in U.S. history to have the United Nations
remove the U.S. from the Human Rights Commission.
I withdrew the U.S. from the World Court of Law.
I refused to allow inspectors access to U.S. "prisoners of war"
detainees and thereby have refused to abide by the Geneva Convention.
I am the first President in history to refuse United Nations
election inspectors (during the 2002 U.S. election).
I set the record for fewest numbers of press conferences of any
President since the advent of television.
I set the all-time record for most days on vacation in any one-year period.
After taking off the entire month of August, I presided over the
worst security failure in U.S. history.
I garnered the most sympathy for the U.S. after the World Trade
Center attacks and less than a year later made the U.S.the most hated country in the world, the largest failure of diplomacy in world history.
I have set the all-time record for most people worldwide to simultaneously protest me in public venues (15 million people), shattering the record for protests against any person in the history of mankind.
I am the first President in U.S. history to order an unprovoked,
pre-emptive attack and the military occupation of a sovereign nation. I did so against the will of the United Nations, the majority of U.S. citizens, and the world community.
I have cut health care benefits for war veterans and support a cut
in duty benefits for active duty troops and their families-in-wartime.
In my State of the Union Address, I lied about our reasons for
attacking Iraq and then blamed the lies on our British friends.
I am the first President in history to have a majority of Europeans
(71%) view my presidency as the biggest threat to world peace and security.
I am supporting development of a nuclear "Tactical Bunker Buster," a WMD.
I have so far failed to fulfill my pledge to bring Osama Bin Laden to justice.
RECORDS AND REFERENCES
All records of my tenure as governor of Texas are now in my
father's library, sealed and unavailable for public view.
All records of SEC investigations into my insider trading and my
bankrupt companies are sealed in secrecy and unavailable for public view.
All records or minutes from meetings that I, or my Vice-President,
attended regarding public energy policy are sealed in secrecy and
unavailable for public review.
I am not a Democrat.In fact I am not American.
The fact is your governments actions(Republican or Democrat) have world-wide consequences.They have affected my life as well
A) ALL of that is fact and not fiction.
I hope the Republicans read it and weep.
Debt and fraud?
Q) If an individual has been given credit numerous times with store cards, credit cards etc but has been untruthful on the applications in terms of past employment, what is the likelihood that they would be charged with fraud should they file for bankruptcy (in the UK)? and what is the maximum term for this kind of offence?
A) You sign to say that the information you have given is true! To sign when the information is not true is a criminal offence - makes no difference which part of the information you gave is incorrect. I do not know what the current maximum term is but I would suggest that they would definitely be charged with fraud. The CPS works in the way that the easiest proven cases will be taken to court - and if you signed and lied, you don't have much of a case, do you? However, I suspect that the credit/store card companies would be more interested in how much you owe them and how much you can offer to pay. I wouldn't advise filing for bankruptcy - but contact the card companies concerned - taking people to court isn't good for them any more than it is good for the person concerned. There are companies around that claim if your debt is over £10,000 you can get it written off - but beware - if you own property I suspect that they would take that first. Speak to the CAB - they probably have the right answers.
Filing bankruptcy should I do it before or after I get another car...?
Q) On Thursday I'm due to see a lawyer about filing Chapter 7 Bankruptcy. The problem is I need to try and get another car this month. Should I file bankruptcy before or after I get another car. My current car which I have a debt consolidation loan on is sitting at a mechanic collecting dust because I can't afford to get it fixed and the debt folks wont release my title even though its a useless car. I can easily get another car with low monthly payments but will that look bad if I file bankruptcy?
A) Do it after you get the car.
After filing Bankruptcy, Can I sell my house?
Q) I have cancer and filed bankruptcy 2 years ago. Recently my husbands mother passed away. She did not leave a will, and his sister and himself are the only living relatives eligible to receive the house. She was on Farmers home loan, so we have to pay 6 percent to even get the house under our name. My question is, that since we filed bankruptcy 2 years ago, can I sell the home that I am living in, and purchase his mothers home for the six percent that is owed? My sister inlaw also is in the process of filing bankruptcy... How does this work? What a mess! If we could get the home under all of our names, once we sold the house, we would like to set up payments to his sister. I am afraid if I sell my home, that maybe the hospital would try and take the equity I had in my home.... Any clue?
I had a few other bills...credit card to make payments on medications, and also I filed on some PET scans that my insurance would not cover....
Basically the home was under two names, Farmers Home, and my mother in law...They want us to pay what she had loaned from them, in order for us to get the house under our names........Can I purchase a home after filing Bankruptcy?
A) The following does not constitute legal advice. As will all short answers to legal questions you are strongly urged to consult the legal services of an attorney in your community.
In response to your question: Depends upon which Chapter of Bankruptcy you filed. If you filed Chapter 7 and all of your debts have been "discharged" with no liens attaching to your home, you probably can sell it without it being a problem. However, if you filed a Chapter 13 or 11 (You don't mention if you are a business or you filed as an individual) you may be under a payment plan. Until your payment plan has been completed your debts have not been discharged as of yet. If that is the case, then the sale of your home could constitute a "change in circumstances" which may have to be reported to the bankruptcy trustee and the courts. In that case, the creditors who are scheduled to have their debts discharged upon completion of your payment plan may make a claim for some of those assets.
As I said before, please take your bankruptcy paperwork to a bankruptcy attorney and confirm what effect selling your home will have on the bankruptcy.
Hope that was helpful.
Filing Bankruptcy in WIsconsin - Student Loan?
Q) I am getting ready to file bankruptcy here in WI (my credit score is only about 400); i was sued by a local private college for classes i took but had to drop out prior to the completion of class; i did not have a FAFSA loan and it is not through Sallie Mae/Fannie Mae -- is this still considered a non-dischargeable student loan?
also, unfortuantely, although i was able to pay my Orchard Bank account on time, it looks like that will be included in my bankruptcy as well.
I have two of those darn payday loans too - i'm filing on Monday and I want to make sure they don't take a payment on Friday out of my bank account so i e-mailed them and i also e-mailed my bank asking them to stop the transaction(s) and have yet to hear back from either company -- any advice to make sure they don't take that huge payment?
A) Contact your bank again. Make sure you do, go there if you have to. The people at the loan place will try to get that money, no matter what. They want that money, and they know that if you are filing for bankruptcy, they will get NO money, so they'll try to get that last payment, so don't count on them.
Also, whoever is taking care of your bankruptcy should be able to take the Orchard Bank account off your record if you can give them proof of payment.
The student loan is cannot be discharged.
P.S. Do a google search "Disputing Negative Items on your Credit Report".
Help is out there, you just have to find it.
Filing bankruptcy on someone elses mistakes?
Q) What do I do? I have to file bankruptcy because my dad got credit cards in my name, and used them and only paid $20 for each bill, ive already filed but they still need my bank statements and paystubs, but i dont have all of my paystubs, and the place im filing with will have to pay a fee to get them, but the thing is, the court appearance is sept 25th, should i call to get an extension? i dont know what to do.
A) This is identity theft and you should report it to the police and the credit bureaus. I know it sucks to have to go after your dad like that but a bankruptcy will haunt you. He broke the law when he got credit cards in your name. There is no reason for you to be the one stuck cleaning up the mess.
Q) Anyone know what the state law is in CA. for filing bankruptcy on credit card & medical bills debt? Are you still able to do it?
A) California Bankruptcy Network
The California Bankruptcy Legal Research Center. CALIFORNIA STATE. LAWS,CODES & RULES ... Southern Cal. Whittier College. Search: California Court Opinions ...www.californiabankruptcy.net/ref4.htm
if I filed bankruptcy this year will I get back all my income taxes when I filing income taes ?
Q) I filed bankruptcy this year so I would like to know can I get back all my incame taxes when I filing income taxes?
A) If I understand your question correctly, you want to know if you will be entitled to a 100% refund of all of the taxes withheld from your paycheck when you file your tax return, because of the bankruptcy. The answer is NO. Bankruptcy does not erase your tax liability to the IRS. As others have pointed out, you may owe additional tax on the amount of debt forgiven under the bankruptcy.
Filing bankruptcy as a dependant?
Q) I am a student, and my parents claim me as a dependent on their taxes. I am in severe debt (~15,000) and was wondering if me filing for bankruptcy will A: be possible, or B: affect my parents. Thanks
A) On your bankruptcy schedules, you are required to list household income and expenses, which means that your parents may have to provide that information. Also, if you are paying any money to your parents, they may be required to turn over funds to the bankruptcy estate (if it is determined that the payments are preferential). Talk to an attorney in your area to find out more.
$15,000 is actually not that much money - you should consider other alternatives to bankruptcy. Can you pick up another job or cut expenses so that you can pay the debt down? I know you are a student and probably have a lot to do, but your credit history will follow you around long after the $15,000 is discharged in bankruptcy - it's really not an easy fix...
My exhusband filing bankruptcy I used to be an authorized user will i still be held responsible.?
Q) I made purchases on this account but after we divorced i removed myself as an authorized user, i have been paying the bill on time, but now that he is filing bankruptcy I want to quit paying on it since it will be included in his bankruptcy but wonder if they can come after me because i don't want to mess up my credit.
A) You will not be held responsible for the account if you were only an AU and also since you had removed yourself before he files.
Double check and make sure that the account is still not reporting on your credit reports. If it is, dispute it off.
You would be held responsible if you were a joint user, but not as an AU.
What does filing bankruptcy involve?
Q) I'm considering filing bankruptcy and I am curious about ch7 and 13 mainly if I file ch13 then I must repay my creditors within 3 years but if I can't pay it now how the heck will I repay all my debt in 3 years? I don't think I qualify for ch 7 cause I have no assets to liquidate. Please help!!!
A) I think you have to call a lawyer, I've never done it, but my friend has. It is a fee (her's was around $200.00), but will cancel all your debt.
how damaging can filing bankruptcy be to your life?
Q) considering filing chapter 13 bankruptcy due to new mortgage company not wanting to honor previous mortgage company agreement. going to foreclosure hearing on oct 05, 2006. all other bills are caught up except mortgage (close to 1 year out) but i don't have a way of getting 7k in one week. losing my house is not an option. _few more loops: currently drawing unemployment / single parent / house is an fha loan
A) It sounds like Chapter 13 is the way for you to go since you just have the one bill. Filing it will immediately put a stop to the foreclosure proceedings. You probably know this--but you have to have a reguar wage to file Chapter 13 (no self-employ).
Bankruptcy is not going to wreck your life. It is likely your credit stinks already. The fact is that after you file bankruptcy actually your credit often improves. This is because (in the case of Chapter 7) after discharge you can not file again for 7 years and because they know you have no other obligations and will be able to repay new debts.
So whether it is 13 or 7--it looks like this is your only option since the mortgage company has chosen to be a pain in the butt.
Incidentally Chapter 7 would work in your situation--you would have to be able to reaffirm the debt with the mortgage company. But it might be easier in Chapter 13 just having the Trustee tell them what kind of payments they are going to take rather than try to work out an agreement in Chapter 7 with them.
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