The stated aim of the new legislation is to encourage an enterprising spirit amongst the population of our sacred isle. By reducing the stigma and long term legal implications of going bump we are suppposed to be more willing to take risks, like our American cousins. I say, "be careful what you wish for....."
I think that sixmilehighclub is confusing morality with what is possible whilst operating on the fringes of the law. In the three years that I have been involved in business management, I have come across outrageous and cheeky scams that have been legal, just. The new bankruptcy laws are mana from heaven for anyone who is willing to tread the tightrope between outrageous and illegal.
Self funded ATPL training has always been a big risk; the kind of risk that our government would like to see us take more often. Now, if it things don't pan out, we can declare bankruptcy and one year later, it's more or less business as usual. Does that encourage me to go through with the rest of the training? Damned right it does! After spending my own money, I can start spending on the cards and stay in the aviation game, building hours in jobs that don't have to pay the bills. If I get a good job in the long run, then I can pay off my bills from my salary. On the other hand, if I reach credit meltdown before that point, I can declare myself bankrupt. I'd still be able to chase that dream job, albeit with a ball and chain tied round my feet for a year. There is no way I'm going to get suckered into one of those basket loans that spreads the debt misery over forty years. Going bust would be a better bet!
Contrary to the impression I give, I've always been responsible with credit; that is why I can raise an insane amount of cash on unsecured cards. I didn't make the new laws, but if they favour me, not greedy creditors, why shouldn't I take advantage?