Declaring yourself BANKRUPT!!!

[trainspotter]

Don't think about getting a job as a lawyer - you would get sued for providing crap (i.e. wrong) advice.

Thanks Gooner for the heads up on the lawyer situation and for only quoting part of my post. Didn't you used to work in a bank cracking 225k a year in an analysts position? Maybe you can offer hitmanlam the CORRECT advice then?

Was what I typed as tongue in cheek as nunthewisers response with the cash withdrawal non payback system? (Good system too I thought) Good to see that what is written in here is actually being read by at least someone. No matter how misguided their intentions seem to be. LOL.

 

[nunthewiser]

[ Was what I typed as tongue in cheek as nunthewisers response with the cash withdrawal non payback system? (Good system too I thought) .

hey i was totally sincere

already got it planned and wheels in motion , all i need is the go ahead from you as to a cook position on the boat paid in cash or fish so i can make a quick getaway once i sign the papers

 

[hitmanlam]

Not ONE entrepeneur here whatsoever !

im shocked actually

personally i reckon go get a personal loan for the largest amount possible , book up ALL credit cards , book up anyting you can ........... NON SOLID reposessable assets which can be sold for cold hard cash

go on dole

kick back for the THREE YEARS with no loans , no job NO REPAYMENTS and live on your unsecured monies for exra spending money .......

hell m8 . even go get a doctors note and go travel around australia for 3 years ........

in 3 years time , deposit a portion of your squirreled away cash in a bank you HAVENT stung as yet and go get another basic job , create a regular income for 3-6 months and apply for a credit card ........... you are now back as a credit assesable entity


enjoy ya holiday



please take above comments as merely an alternative view from a freewheelin nun that often drinks and cares not about any ramifications that may occur if one was silly enough to follow my thoughts ...............

but hey the plan sounds mighty cool

Looking back at that previous post.

LOL nunthewiser. Oh the things I could have done......

And to think that I could have done all that and be in the same situation as I am in right now!!!

 

[moXJO]

so i can make a quick getaway once i sign the papers

Your media name can be the flying nun

 

[Krusty the Klown]

You won't get a lower interest rate though. From an investment perspective that's not how risk/return works.

Some lenders will decrease the interest rate, to ensure they get their money back by making the repayments less of a pressure on the borrower's cash flow.

Have seen it happen numerous times. Depends on the lender though.

By increasing the term and decreasing the rate, they can calculate so they get the same return as contracted, just over a longer period.

Paramount importance is getting their principle back. Then they focus on the return.

 

[trainspotter]

hey i was totally sincere

already got it planned and wheels in motion , all i need is the go ahead from you as to a cook position on the boat paid in cash or fish so i can make a quick getaway once i sign the papers

LOLOL .... paid in fish is righteous !! Only if you look like the Nun in the picture. THEN ... Welcome aboard Chef Nun. That is me at the wheel by the way !

 

[Krusty the Klown]

hey i was totally sincere

already got it planned and wheels in motion , all i need is the go ahead from you as to a cook position on the boat paid in cash or fish so i can make a quick getaway once i sign the papers

Sounds like you're a qualified financial planner!!!!:

 

[hitmanlam]

Just had a quick look at the ratecity.com site.

Low rate credit card going at 11%. Not bad.......

Just gotta get that credit card application approved first. lol.

 

[white_goodman]

 

[gooner]

Thanks Gooner for the heads up on the lawyer situation and for only quoting part of my post. Didn't you used to work in a bank cracking 225k a year in an analysts position? Maybe you can offer hitmanlam the CORRECT advice then?

Was what I typed as tongue in cheek as nunthewisers response with the cash withdrawal non payback system? (Good system too I thought) Good to see that what is written in here is actually being read by at least someone. No matter how misguided their intentions seem to be. LOL.

Credit card debts are legally enforceable as are most debts. There are some exceptions such as where entered under duress, or where you can prove the bank knew would be unable to pay them. Oh and still enforceable if you cross your fingers whilst signing the docs.

And I think the $225k came from you not me.........

As for practical suggestions, banks will renegotiate both on principal and interest. CBA will want to get as back as much as it can, but will want to avoid a bankruptcy situation. They will look at the situation in terms of financial return (what is our best outcome), precedent (do not want to set a bad precedent, such as writing off all the debt) and publicity (do not want generally).

 

[knocker]

Hi all,

I'm currently in debt by $50,000 due to a bad investment scheme. I was just wondering what are my options right now.

Can I declare myself bankrupt to whipe the slate clean. Is this a viable option?

Also, what are the pros and cons of doing this? Is it true that you will never be able to get a loan again.

I just want to start all over again!

Gees mate it is only 50k. I was in debt to the tune of 1.5 million some years back. I managed to crawl my way back to the top without declaring backrupcy. That is the last thing you want to do.

 

[Buckeroo]

The other thing I am finding Rucking Femarkable is that you were the one that got yourself into this financial mess and want to take the easy way out? Did you not have an escape route planned when you put this financial noose around your neck? You borrowed 50k in good faith to pay it back. The bank loaned you 50k in good faith EXPECTING you to pay it back ! They would have performed a Debt Servicabilty Ratio equation on the dealing knowing you had the capacity to pay it back? Now the investment has turned South you want to go BANKRUPT? Would you not have had to pay the P&I back on the loan anyhow regardless if the "investment vehicle" you chose hit the brick wall? Dunno, still getting over the claimed fact Commonwealth gave you 50k unsecured??

Ain't it the truth, but I have to sympathize. Young people are being bombarded with buy this, buy that, invest in this, invest in that etc by companies knowing that these people have no experience & are going to get suckered. Even the banks are targeting young people to leverage investments. Its a croc.

Funny really, Krudd & his goons have done the same thing - sad really.

Anyway hitmanlam, I agree that you should get some advice on restructuring the loan and a plan to pay it off - you might be surprised, it may not be too painful. And the loss can eventually be used to offset any gains in the future although you probably won't feel like investing for some time.

Good luck

Cheers

 

[Garpal Gumnut]

I think bankruptcy is good because I can pick up gear cheaply from bankrupts.

gg

 

[hitmanlam]

Gees mate it is only 50k. I was in debt to the tune of 1.5 million some years back. I managed to crawl my way back to the top without declaring backrupcy. That is the last thing you want to do.

True. 50k might sound like nothing to you. But it's all relative. 50k is like 3 years worth of savings or essentially 3 years of my life.

To rupert murdoch, $10 mil might sound like nothing. It just all depends on how much income u can generate.

For a 24, turning 25 year old earning normal average wages, 50k is a whole heap of money.

 

[hitmanlam]

Ain't it the truth, but I have to sympathize. Young people are being bombarded with buy this, buy that, invest in this, invest in that etc by companies knowing that these people have no experience & are going to get suckered. Even the banks are targeting young people to leverage investments. Its a croc.

Funny really, Krudd & his goons have done the same thing - sad really.

Anyway hitmanlam, I agree that you should get some advice on restructuring the loan and a plan to pay it off - you might be surprised, it may not be too painful. And the loss can eventually be used to offset any gains in the future although you probably won't feel like investing for some time.

Good luck

Cheers

Thanks buckeroo. I am going to talk to some ppl and try to restructure this loan.

I've gotta think positive I guess. No one likes to lose money but if this is the worst thing thats happens in my life, then I will gladly take it.

At least I learnt my lesson on the dangers of leverage before I had the wife, kids and the house!

Going to set up a goal right now. If I start paying it off now, I'll be debt free by the age of 27-28. Not bad. Only thing is that 3 years seems like such a long way away!

 

[Buckeroo]

True. 50k might sound like nothing to you. But it's all relative. 50k is like 3 years worth of savings or essentially 3 years of my life.

To rupert murdoch, $10 mil might sound like nothing. It just all depends on how much income u can generate.

For a 24 year old earning normal average wages, 50k is a whole heap of money.

For what its worth Hitmanlam, I'm sure most of us here have had similar lessons. Personally, I've had 2, 1990 & 2000 (tech crash) and you would think I would have learned something after 1990!! But each time put me back at least 2 years.

I think that's what knocker was trying to tell you, pick yourself up, take the knocks & get back into the saddle as soon as you can - you will be a better investor after this guaranteed.

Cheers

 

[Garpal Gumnut]

True. 50k might sound like nothing to you. But it's all relative. 50k is like 3 years worth of savings or essentially 3 years of my life.

To rupert murdoch, $10 mil might sound like nothing. It just all depends on how much income u can generate.

For a 24, turning 25 year old earning normal average wages, 50k is a whole heap of money.

hitman, you need to be age appropriate in your aspirations.

Murdoch is a helluva lot older than you and would swap places with you today for all his millions.

50k being enormous for a 24yo is normal mate. NORMAL

gg

 

[Krusty the Klown]

And the loss can eventually be used to offset any gains in the future although you probably won't feel like investing for some time.

That's a good point Buckeroo.

You have $50K of capital losses that you can use to offset any future capital gains. Future tax savings.

Also the interest you are paying is still tax deductible. So you should still declare the interest on your tax return. This should help in some way pay off some of the debt.

 

[Krusty the Klown]

hitman, you need to be age appropriate in your aspirations.

Murdoch is a helluva lot older than you and would swap places with you today for all his millions.

50k being enormous for a 24yo is normal mate. NORMAL

gg

And Murdoch inherited the majority of his wealth, he did not start from scratch. It is relatively easy to make money when you already have it.

It is much harder to make money when you start with none.

 

[Glen48]

Don't worried there will be a lot more once ti bubble pops so no one will care about a lousy 50K when there are thousands under water you will be small fry.
By the time you get out houses will be cheap so any money you lost you can pick up is a cheap house but wait several years before you buy.