Bankruptcy

[Connemmara]

Am fascinated re the above - eg Kerry Katona - two bankruptcies.

Now my next door neighbour who or whom I am very friendly with has told me hubby has had to go bankrupt (he is a builder) and has plenty of work on - he has been fighting it for the last 2 years but has finally succumbed.

However can anybody tell me how you still have money. My friends are just back from 5 days in Portugal -then they will rig their children out in the best and buy the best for Xmas and in January they will be going to Lanzarote.

I am wishing them all the best but years ago when I was young I thought bankruptcy meant you hadn't a light. anybody care to enlighten me. Thanks

[Nibble]

This is the current advice from CAb re:bankruptcy, I note that it shouldn't be taken lightly, however, it isn't the financial life ending option it used to be.

http://www.adviceguide.org.uk/england/debt_e/debt_help_with_debt_e/bankruptcy.htm

[Connemmara]

thanks Nibble for your link but I am none the wiser.

[Buenchico]

Just a thought, Connemmara:
Did your neighbour possibly trade as a limited company? (e.g. as Fred Bloggs, Builder, Ltd?). If so, the failure of his business will have no effect whatsoever upon his personal finances, as they're totally separate financial entities.

[Eve]

There seems to be a growing trend of "celebrities" becoming bankrupt, Tina Malone, one of the Westlife ones, Duncan from Blue...

[Connemmara]

No buenchico - he is very upfront - I actually typed his logo and can't remember right now but you know his address etc. Senior moment here - probably to do with the vertigo. LOL

[Connemmara]

Eve - didn't know about Tina Malone and she paid for IVF to have another baby age 50. As I say how do they do it.