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Thread: Anyone been bankrupt before?

  1. #1
    Pat Hamiltonophile Oxygen Theif's Avatar
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    Anyone been bankrupt before?

    Managed to spend like an idiot over the last ten years and finally got to the point where with five credit cards and a personal loan my disposable income barely covers the minimum payments.
    All up im probably paying about 1500 bucks a month just in interest and owe about 80k all up.

    Figured i would eventually pay it off properly but just cant seem to make a dent in it, i looked at those debt consolidation things but you end up with almost the same shitty credit rating for 7 yrs you would get if you just went all the way and declared bankruptcy.
    I dont really own much other than an old Skyline worth about 6k, from some googling i would get to keep my furniture etc but not sure about the car.

    Should i go through one of these bankruptcy lawyers or is it possible to do it on your own?
    I gather i will be paying back what i owe but without the interest?
    any ideas?


    ok flame on.

  2. #2
    Pollitically incorrect
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    bad idea.

    consolidate and make the sacrifices.

    or get a 2nd job
    .... because every driver experiences the destructive potential of the effortless surge of power available through the smallest of body movements.

    Dr Hoon
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    DrNick is king!!!! No, Mark Webber is now! Long live the king!... hold on a minute mate, Ricci is in charge now

  3. #3
    turbo that is not so phat
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    ring credit card company and advise of impending bankruptcy however before hand you would like to attempt an alternative arrangement of $x to reduce principal and seek suspension of interest (make sure you do this in writing along with comprehensive budget as evidence that you cannot afford the existing repayment structure)

  4. #4
    turbo that is not so phat
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    then if you still cant manage or the credit card issuer refuses to negotiate, full blown bankruptcy - none of that pussy part 9 rubbish

  5. #5
    Registered User
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    I didn't realise Asian hookers were that expensive.

  6. #6
    not a cop
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    Consolidate. Interest is your killer.
    You can do it.

  7. #7
    Slanted big_pete's Avatar
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    While we are talking financial questions...

    What is the likelihood of a bank giving you a $10,000 personal loan if you have ~$5000 owing on a credit card?

  8. #8
    Brian Fantana SkidFace's Avatar
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    Consolidate, bankruptcy is a last resort only. You will suffer for a bit but it's worth it.
    Quote Originally Posted by Gussy View Post
    It's the PF way. "Put a twin turbo LS in it brah, you'll have it converted and running in 2.5 hours and make an eazy 1000rwkw, lulz" All while the same people who suggest this stuff drive around in a corolla and have a fucked VN sitting in the garage for the past 3 years as a "project car."

  9. #9
    turbo that is not so phat
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    i highly doubt consolidation will be an option given he lacks tangible assets, has excessive unsecured debt etc, also the lender wont want to be in for the total debt exposure regardless of it potentially lowering his minimum repayment commitment...

    approach credit issuer, request non accrual of interest and alternative principal repayments...

    good luck
    edit
    Last edited by phat-turbo; 05-06-11 at 06:40 PM.

  10. #10
    Brian Fantana SkidFace's Avatar
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    OP: have you done the obvious and cut up all your credit cards, created a budget etc?
    Quote Originally Posted by Gussy View Post
    It's the PF way. "Put a twin turbo LS in it brah, you'll have it converted and running in 2.5 hours and make an eazy 1000rwkw, lulz" All while the same people who suggest this stuff drive around in a corolla and have a fucked VN sitting in the garage for the past 3 years as a "project car."

  11. #11
    hooligan SPDRCR's Avatar
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    Is there any practical difference between bankruptcy and part 9 debt agreements from a practical point of view in terms of getting credit down the track. We only deal with one lender but they don't seem to want a bar of either...

  12. #12
    not a cop
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    Quote Originally Posted by big_pete View Post
    While we are talking financial questions...

    What is the likelihood of a bank giving you a $10,000 personal loan if you have ~$5000 owing on a credit card?
    Pretty good.
    If your income is good, and you have a good history of paying back onto your credit card and NOT MISSED ANY PAYMENTS, they will.

    I know from damn experience thats why. Stupid direct debit.

    The bank will give you any amount of money really if you can prove you can pay it back regularly.

  13. #13
    sartorial elegance ahabthearab's Avatar
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    I'm somewhat familiar with bankruptcy

    If you cannot see a way out financially, bankruptcy is an easy solution. I think it's only 2 years now and your clear, In future years, when your a bit more sensible with your spending it doesn't seem to be a hindrance it getting credit cards or bank loans in the future.

    Pride seemed to be the only thing that took a hit for me.
    Quote Originally Posted by Marv View Post
    Nobody gives a fuck about that time John D. Rockerfeller flew over your house dropping silver dollars while you were washing your Walking Bird, or that time you walked to Lakeside with a Triumph tied to your fucking belt, you fucking hypertard.

  14. #14
    Pat Hamiltonophile Oxygen Theif's Avatar
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    thanks guys, amazing response and i didnt expect anything so soon or useful.

    I did try to consolidate which is how i discovered how much interest i was paying when the nice lady at Bankwest added it all up for me and expressed disbelief i could amass a debt almost double my yearly after tax income.

    Looks like full blown is the way to go, I do remember reading up on part 9 about a year ago when i rang one of those companies and then baulked at the huge 2-3k fee they ask before even going near you.
    Pretty much same result credit history wise so why not just do it properly.

    oh and
    I didn't realise Asian hookers were that expensive.
    its not that they cost that much on their own but see enough of them and boy does it add up! :P

    so anyway do i need a lawyer? too lazy to write letters to five different banks asking for a no interest scheme. .anyone done this and succeeded?

  15. #15
    no one ever, is to blame Howard Jones's Avatar
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    Quote Originally Posted by pathamilton View Post
    I dont really own much other than an old Skyline worth about 6k, from some googling i would get to keep my furniture etc but not sure about the car.
    it is my understanding that you are allowed a car as long as the un-incumbent value of that car is no greater than $6850.. so technically, if you had a Ferrari a year old that was worth 300k, but the loan on the amount was $293,150,01 or greater you could keep it, although naturally you would need some sort of generous benefactor who would be willing to pay the loan for you as you are not allowed to earn more than $46 018.70 (if you have 0 dependants) (you can earn more than this, it will just be taken and given to your trustee)


    either way you will be required to provide a list of all your assets, if you can reasonably value your car at $5000 or less you will be allowed to keep it. also they will let you keep all your furniture, clothes, tools, etc ... they only really go looking for real assets, ie, stocks, land, art, un-incumbent valuable cars ...etc

    however i have never been bankrupt and this is just info i got off the one guy i know who did..

    heres a handy pdf i just found on google
    http://www.itsa.gov.au/dir228/itsawe...nt_Amounts.pdf

    from here http://www.itsa.gov.au/dir228/itsawe...uptcy+overview

  16. #16
    not a cop
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    have you actually tried to get out of this hole properly? How much do you make a week? Do you have a budget?

    Those are 2 very important questions. How much you make a week especially.
    Last edited by Rainpussy; 05-06-11 at 07:04 PM.

  17. #17
    turbo that is not so phat
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    no you dont need a solicitor but dont be a lazy cunt - man up and write the cunt of a letter to each provider.

    cunt.


  18. #18
    Chopped BigMuz's Avatar
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    It sucks. 7 years without being realistically able to borrow a cent.

    Sebastien there is no bank that will let you hold a loan with them unless you are a billionaire with hidden money they know about.

    If there is any chance of consolidating all your shit and paying it off then do that.
    Retard Honour Wall.
    Quote Originally Posted by Sloth View Post
    Rob Sloth Young did i ask for your opinion? no. i only want it for a paddock bomb. go play with traffic.
    Quote Originally Posted by Fondles View Post
    you stupid fucken imbicle.
    Quote Originally Posted by Fondles
    your are a fucken idiot of the highest level.

  19. #19
    Chopped BigMuz's Avatar
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    Oh yeah and 80k isn't enough to make it worth the pain- you can pay that off at $200 a week in 8 years so start doing that.
    Retard Honour Wall.
    Quote Originally Posted by Sloth View Post
    Rob Sloth Young did i ask for your opinion? no. i only want it for a paddock bomb. go play with traffic.
    Quote Originally Posted by Fondles View Post
    you stupid fucken imbicle.
    Quote Originally Posted by Fondles
    your are a fucken idiot of the highest level.

  20. #20
    sartorial elegance ahabthearab's Avatar
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    Not a lawyer, An Insolvency trustee
    As wookie said, you will need to divulge everything, I'm sure there was a question about the colour of my turds in there somewhere.

    Basic furniture, car to a certain value ( It was $2,000 but this was a fair while back)

    There were no checks on personal stuff at all. Just sayin
    Quote Originally Posted by Marv View Post
    Nobody gives a fuck about that time John D. Rockerfeller flew over your house dropping silver dollars while you were washing your Walking Bird, or that time you walked to Lakeside with a Triumph tied to your fucking belt, you fucking hypertard.

  21. #21
    not a cop
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    Yea its not. 80k? fuck. people get into debt at 800k (house) and pay it off.
    You are doing something wrong.

  22. #22
    Chopped BigMuz's Avatar
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    Those cunts trying to get you to sign an agreement are leeches. Avoid at all costs. You can do the same with a telephone.

    Oh yeah; read this entire site. No shit.

    http://www.fredappleton.com.au/
    Retard Honour Wall.
    Quote Originally Posted by Sloth View Post
    Rob Sloth Young did i ask for your opinion? no. i only want it for a paddock bomb. go play with traffic.
    Quote Originally Posted by Fondles View Post
    you stupid fucken imbicle.
    Quote Originally Posted by Fondles
    your are a fucken idiot of the highest level.

  23. #23
    turbo that is not so phat
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    yeah but in fairness, a mortgage has 25/30 years amortisation.... dirty old credit cards demand 5% of the balance outstanding or something crazy...

    $80k car loan is prob $2000/month... $80k in credit cards = $4000/month

  24. #24
    not a cop
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    Yea we know that. Thats why consolidation is the best bet.
    you don't even have to get a loan for the full amount, just to cover one or two of the high interest things, and you are back on your feet.

    OP, do you have any GE loans do you? they suck balls.

  25. #25
    Pat Hamiltonophile Oxygen Theif's Avatar
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    hehe fair enough to above post.

    as for weekly income, hmmm.
    clear 1k a week or thereabouts as a train guard. its just under or over depending on shifts so that is a fairly accurate guesstimate.

    other costs..
    per wk
    300 rent
    150 food
    150 child support
    100 petrol
    50 random sundries
    250 card payments

    that was just off the cuff but would be about right.

    if i just type the same letter up for the banks it might not be so hard, good to know i keep the car.
    would be depressed as all get out if i had to sell that..

    oh and thanks for the PDF Seb, will hit the link now.

  26. #26
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    Eat 2 minute noodles and pay $130 more off a week. That and scout out for overtime the money is there if you want to earn it get some tips off a few of the indian guards.
    Last edited by Rona; 05-06-11 at 07:20 PM.

  27. #27
    ...... marcus_h's Avatar
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    There is no way in help the OP will be able to consolidate $80k of unsecured debt with any lender (unless the debt is racked up with the same lender).

    Record at the local branch here is $130k in unsecured debit which consisted of 7 credit cards and two personal loans

  28. #28
    Registered User ironhorse's Avatar
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    How old are you ? Think about your age and what you hope to be doing in the next 10 years from now.

  29. #29
    Fondles
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    Yeah I went bankrupt about 12 years ago, applied for and got an early release after 6 months, even when I left AUS 5 years ago I was still unable to obtain credit even with a solid employment history.

  30. #30
    Awesome Swedish Bricks dave_vic_ozz's Avatar
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    Quote Originally Posted by pathamilton View Post

    ok flame on.
    You have done the hard part (posting here) but you need to sort it out and fast.

    http://www.legalaid.nsw.gov.au/asp/index.asp - looks like you are in NSW.

    And don't just take the bank / credit card folks advice without keeping in mind they want the money back. Fair enough but it may not be in your best interest. (no pun intended)

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