Maybe I am, but you only tell your version of the truth. Here are some of the consequences:
■It will cost you money (up to £485) to go bankrupt
■ Whilst you are bankrupt, you can't apply for more credit
■ If you own your own home, it might have to be sold (but you may be able to apply to your local authority for re-housing)
■Some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own
■Some professions don't let people who have been made bankrupt carry on working
■If you own a business, it is more than likely that the Official Receiver will close down your business, dismiss your employees and sell off the assets.
■ Going bankrupt can affect your immigration status
■ You cannot keep your bankruptcy private. A list of bankrupt people is published on the internet and your case could also be published in your local newspaper
■ Even when you are no longer bankrupt, you could have another order, called a bankruptcy restriction order made against you. These orders can be made, for example, where you did not co-operate with the Official Receiver, or you took on debts knowing that you had no hope of paying them back. They can last for 15 years, and will make your financial affairs very restricted.
■Even when you are no longer bankrupt, there are some debts such as court fines and student loans that will never be written off.
■There is a public stigma with bankruptcy. All people subject to bankruptcy in the UK have their name advertsied in two local newspaper and the London Gazette.
■Bankruptcy can effect your ability to run a business because you cannot trade under any other name.
■You can be publically examined in court.
■Your credit rating will be damaged for a long time, up to 6 years.
■Debts to the Student Loans Company will not be written off
■The trustee in bankruptcy may make you sell your expensive assets.
■Your professional status can be lost.
■Your job may be lost or your chances of promotion.
■You can not be a director of a limited company.
Just a few highlighted things to consider if you want a job as a professional pilot. These days you may need to set up in business to get a "contractors" job with some airlines. Not to mention signing a bond or credit agreement for a type rating. Perhaps thinking of applying overseas? Etc. It is a legal process not just a financial one, and there are legal considerations and consequences.