Bankruptcy

[jennyjoan]

Can anybody tell me if a person and his business and properties (allegedly) are in the above - how do they still

1. have money

2. buy a new caravan

3. have wonderful birthday for kids

4. go away on foreign holidays.

5. buy new cars

I genuinely don't understand BANKRUPTCY.

Always thought you didn't have a hapenny - but I don't know

[Cloverjo]

If that someone is anything like the guy who was married to Anthea Turner, and has a good lawyer and accountant, he can manage it.
I don't think you're left with nothing, even if you don't have those professionals to help. I don't know the actual laws but I believe you're allowed a means to keep working in some way.

[ummmm]

They don't and can't stop you from earning a living.

[Old_Geezer]

It makes borrowing further difficult. So clamps your lifestyle, what you can do. But as ummm says, doesn't stop you earning and spending.

[Islay]

Also I believe that if its a married couple and only one has been named in the business then the other spouse can carry on as normal.

[Svejk]

People do abuse it. What can you do.

[ummmm]

Yeah....stash all your money in someone else's name.

[viv41]

Ask Kerry Katona, been made bankrupt, I think three times now, and still has a luxurious lifestyle !!