Dave,
I can see where your coming from.
Unfortunately, I don't think tehreceiver2004 is taking this as an easy way out.
From my post, you will read, that you have to "substanciate" that you have tried your best to agree some type of arrangement with a creditor/creditors before declaring Bankruptcy.If you get credit without any intention of paying it back that's a Criminal Act , thus say goodbye to your pilot career. However, it can so easily go wrong. Imagine graduating at the time of 9/11 ?How can you foresee that? I bet there was a few pilot bankruptcies after that -without a doubt. The problem with flying is it's very expensive and nobody want's to pay for it , especially airlines. You have to borrow a lot of money ( a mortgage in some places in the UK) and you have to earn good money to pay it back. Unfortunately, the good pay doesn't arrive that quickly - it takes agood few years - even at BA (cost of type rating taken out of salary).
The Bankruptcy may not even be given - the OR could inform the judge at a later date that the potential bankruptcy is capable of paying the debt back.
I personally had no money what so ever from any inheritance. In fact, I have been working 2 jobs for the last 4years, putting in on average 84 hours per week (2x12hour shifts on Sat & Sun). So I can complete my training.
However, this thread is not about "how much you had to work in crap jobs to become apilot" but how to solve a financial problem. Just like other problems, eg, Gambling, Alcoholism and drug abuse. I cannot personnaly see how people get in these messes but people do.
However, there are ways for people to solve these. Bankruptcy is one of them.
Getting into debt is exceptionally easy. It can effect the well off (Queen Mum was reportedly £3million in debt when she left us!).
Getting addicted drugs/alcoholism is one I don't understand either but the NHS spends Billions in helping these people (I pay tax).Would you deny methodone (sp?) for a drug addict?
Sometimes people just need a little help.
Debt can be just as destructive as all the above problems but in this society - we ridicule/penalis these people. People kill themselves over debt. I had a few clients that never turned upto meetings. We live a society, every 30 seconds on TV and Radio, there advert flogging loans, debt busting loans, financial products. Even if you switch the TV off they're coming thru the letter box. I bet when you logged on - you where bombarded with adverts from some cheap loan company!!
You also stated that on a pilots salary it is quite repayable. That depends where you started from and what job you get.
I looked on
www.ppjn.com before my post. At regionals starting salary is around about 18000 to 24000. If you are lucky to get to Ryan Air it's £8000 in your first year. Yes, these are basics but inc. flight pay it's an extra £400 per month take home.
If your based in the SE, rent will £800 minimum. Please don't even mention Mortgages - if you owe £40000. earn £18000. Do you think anybody in there right mind would lend you money for a flat? I know some people do the old magic "Self Certification" to get a Mortgage - which is actually Fraud, if you over state your income.
Sorry, to jump down your throat.
Consider this from your argument. If a Doctor ( why do we always use Doctors?) had to declare themselves bankrupt would you like them to be struck off? They may be very good at their job. Unfortunately, they had to pay their way thru medical school, didn't get that job the medical school gave an example of (sound familiar ?Oat?).Had to take some under paid job in an extremely expensive city (but it's a start).Living expenses are only just met by Income and that's without financing her debt.
As you will no doubt already of discovered in life there are winners and losers.Sometimes, everything goes to plan (smashing) but sometimes no matter how hard you try - it goes completely wrong.
I know, Dave, that this issue makes you angry. I get wound up over things too. However, in matters of this nature you should keep an open mind. One day you may need some help and advice.
Hope things keep good for you.
Twittwoo!!