Well I've rarely seen a sorrier sack of shoes than that little list.
■It will cost you money (up to £485) to go bankrupt
Goodbye £80k of loan at 8% = total repayment around £150k.
■ Whilst you are bankrupt, you can't apply for more credit
No sh1t.
■ 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)
Nope, don't have one.
■Some of your possessions might have to be sold, for example, you will usually lose your car and any luxury items you own
Well you can keep your car as long as its worth less than £1,500. Plus they can't take your fridge blah blah - you're 23 and don't own anything because you live with your parents. You own nothing they can sell.
■Some professions don't let people who have been made bankrupt carry on working
Not flying they don't. I think its Accountancy and Non-Exec Directorships and possibly being a judge or MP that's a problem. Anyone care? Thought not.
■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.
I don't own a business. Like nearly all Wananbes.
■ Going bankrupt can affect your immigration status
I'm Welsh, not illegal.
■ 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
Oh no. The shame of it. Pass me the revolver and the bottle of whisky!
■ 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.
As these happen ini less than 0.2% of cases I'll take my chances. Its always used against serial fraudsters...
■Even when you are no longer bankrupt, there are some debts such as court fines and student loans that will never be written off.
Oh no! My £5k student loan on minimal interest rate still exists - whatever am I to do!?
■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.
I'll just have to kill myself then.
■Bankruptcy can effect your ability to run a business because you cannot trade under any other name.
Woe is me.
■You can be publically examined in court.
Apart from my massive penis causing gasps of amazement I have nothing to fear being examined in court.
■Your credit rating will be damaged for a long time, up to 6 years.
Christ - not my credit rating! I have no money. Am not earning any. Won't for a long time.
■Debts to the Student Loans Company will not be written off
Crikey - now I'm trembling.
■The trustee in bankruptcy may make you sell your expensive assets.
What? My iPhone?
■Your professional status can be lost.
Ummm - how? You're either a professional or you're not.
■Your job may be lost or your chances of promotion.
Yeah - I remember so well being asked an illegal question about my finances at interview.
■You can not be a director of a limited company.
Well that's my dreams on directing a limited company up in smoke then....
This is risible.
WWW