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Thread: Anyone been bankrupt before?

  1. #91
    Registered User womblesti's Avatar
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    Quote Originally Posted by pathamilton View Post
    suh-weet. definitely filing now, the fact that i would finally be able to actually spend my left over money every fortnight is so hard to believe it makes me giddy.
    I may be reading this incorrectly, but you're doing it wrong.

  2. #92
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    Fuck man, if you can get some sort of job on the mines, do it! You get cheap accomodation and food when you're there, and when you get your x weeks off after your x weeks on, you can grab a casual job at the pub or whatever and pull some more cash.

    From your situation (which sounds fucked, sorry to hear) it'd probably be good to get away from it all and be somewhere were all you do is work. They're handing out $80k/yr for dish-pigs in the mines.

    Doing that for 2-3 years might sound like balls, but beats the hell out of what bankruptsy will do to you for a lot longer.

  3. #93
    furious masturbater SausageFingers's Avatar
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    Sorry to hear of your situation,
    But I do have a question if I may?

    Have you defaulted on any of the loans already ? ( 30days in arrears etc )

    If you have then the truth is that your credit rating is fucked now and will be for 5 years anyway.

    For the people whom are saying DO ANYTHING but go bankrupt, what you need to understand is just how much stress this would be putting him under. Having worked for banks and lenders whom are total cunts, its not uncommon for young people to neck themselves over such amounts. the feeling that he is under a dark cloud that you just can't shift and you can't see the end is a painful exp and one I can totally understand.
    Last edited by SausageFingers; 06-06-11 at 12:18 PM.
    I attended the PF vs Powerchip thread 2010 and all I got was this lousy Signature.

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  4. #94
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    Quote Originally Posted by Cplus View Post
    great advice (as is the rest of the post). that $5K or so would be a great kickstart - probably be enough to wipe out one card entirely. my mate drove a 1K charade thingo at Uni and then continued with it post Uni. We all laughed at him as we had our WRX's, Monaro's, 200sx's etc as soon as we graduated.

    guess who has the Beachfront house with a pool etc etc. he actually still has the thing as a parts/house bits runabout, 10yrs 3 gearboxes and 2 engines later.

    the shit car will save you fortune - halve the fuel bill for a start, there's $2500 in one year. 1/8th your debt in 4 yrs.

    you need to try/think/do much harder. bankruptcy is not some sort of get of gaol free card.
    +1

    Cars is just an object. Sure it's gives you good feelings driving it but at the end of the day, it's a device to take you from A to B. It's not like the R33 will become a collector's item anytime soon. Part it out, sell the bits individually and then piss it off.

  5. #95
    ARE YOU REAAAAADY? Grunt's Avatar
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    upfront i recognise your broader situation is shit mate - sorry to hear it.

    But re: the bankruptcy piece - i find it really hard not to tell you to man up and get another job or even 3 more jobs (whatever it takes) and grind it out.

    You seem to have a solid set of personal values ie. looking after your family and wanting to be around for your son so try and harness some of that to get stuck right into it.
    I am sure I read that you were "too lazy" to draft up 5 letters? Mate thats the least of your issues.

    Up until recently I have always held 2 jobs(not being a righteous cunt here - plenty of shit kicking ones - glassy, cleaner, lawn mower, truck washer) just to pay the bills and live a lifestyle I want. I think you will find if you do this - smash through your debt you will actually teach yourself even moreso the value of $$ and set yourself up as a better self financial manager and avoid going through this all again in 10years time.

    If you are a rail guard - have you considered security work?

    Night packer at supermarkets
    Weekend night shift taxi driver
    Even a glassy in a pub is on $25/h these days. one weekend night a week could really help you out.

    All i am suggesting is I would recommend taking on any work you can do when you arent at your other job, eating, sleeping or shitting, then celebrate (within reason) the little milestones - when you get down to 70k debt, 60k etc.


    Also look at all your costs - a dollar saved is at least 20% better than a dollar earned
    Do you have foxtel?
    Are you on the minimum internet plan?
    Mobile phone plan?
    etc


    Good luck with both this situation and the broader family one mate
    Last edited by Grunt; 06-06-11 at 12:29 PM.
    Quote Originally Posted by doods189
    Will throw in around $3000 worth of reptiles and acc as part payment and maybe if partner let's me a 50in plasma 3d tv

  6. #96
    Loving teh titties.. carcrazy's Avatar
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    Originally Posted by pathamilton
    other costs..
    per wk
    300 rent - Get into a sharehouse of $150 odd a week - (Put extra $150 pw into debt payment)
    150 food $75 - Go to Audi (Put the other $75 into debt)
    150 child support - Understandable
    100 petrol - Sell it buy a 1k shitter put sale into debt (I sold my car for 8k, bought a 1k Suzi gti that uses 12l of petrol a week and put 7k into debt, insurance for it stopped $100pm, rego went down too. You have a big chunk of repayment sitting there. Remember cars can be replaced down the line.)
    50 random - Understandable
    250 card payments + $225 extra by cutting some of the above and a second job at a pub is a good cash earner (I worked for a year and a half picking up glasses fri / sat and got an extra $275pw)
    Considered a mine job? Seriously good cash if you can take it, it will fast track your repayments and make you feel good about yourself.

    You seriously should consider seeing a finacial counciler or make an appointment to speak to your main bank and put the whole lot on the table and ask for advice. Even if you can finance a couple of the big ones into a single payment?? And have the other ones turned to locked access so you cant use them?.

    Go in with a proposed budget and even consider having / suggesting you have your pay paid directly into debt payments so you dont have access to it.

    Listen to the guys above, being bankrupt is basically defaulting on paying moneys owed, the banks are not going to do you any favours just because you've been discharged.

    I pulled myself out of a lot of debt by selling off luxuries like powerfull cars, living in share houses and working two jobs.

    And you know what? It's the most amazing feeling when you pay off even on card rather than doing a deal with the devil. I just managed to clear the tables myself about two weeks ago and i feel so happy now.
    Quote Originally Posted by Einstein
    The definition of insanity is repeating the same action and expecting a different result

  7. #97
    Registered User Erko's Avatar
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    Quote Originally Posted by Sebastian Vettel View Post

    first thing you need to learn, you got hussled, this flipper bitch is not your friend and has milked you dry, after living in asia for a considerable time i can tell you these cunts do this everyday.
    QFT.

    I want to address this computer issue. Are you saying that this filo had blokes living at this premises, which you paid for........in some kind of undocumented sub let arrangement ? And during the course of this some bloke was involved in kiddy porn whilst living in the house with your son? All utilities etc where in your name and accordingly the AFP are pointing the finger at you.

    I'd be running very, very hard at the Filo.......

    Quote Originally Posted by womblesti View Post
    I may be reading this incorrectly, but you're doing it wrong.
    You might be reading it right.........years ago i knew a bloke in the same situation, he was stoked he had consolidated 70-80k or personal debt because that meant he could spend another couple hundred a week on the punt with the interest savings............no fucking joke. there is a reason blokes get themselves in this situation.
    Last edited by Erko; 06-06-11 at 01:11 PM.
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  8. #98
    あなたの母親の肛門 Shifty's Avatar
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    Quote Originally Posted by pathamilton View Post
    but if i already have car insurance they arent going to suddenly not insure me right?
    Yes. It's called the Duty of Disclosure - not volunteering something that is relevant, is the same as lying when they straight out ask the question. Even if you got away with it during your current period of insurance, it specifically applies at renewal time.

    Do you think they want to write a blank cheque for someone who has a history of getting in debt and being unable to pay their bills?
    Quote Originally Posted by 350stato View Post
    100% agree with Shifty

  9. #99
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    Why does someone getting into debt and being unable to pay their bills have any reflection on an insurance company paying out a claim, assuming the claim is legit.

    Many of them write blank cheques these days ?

  10. #100
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    i dont think you would be required to tell your insurance company you are bankrupt (unless they asked)

    unless of cource you wish to add them to the list of debts you no longer intend on paying, it which case its fair to assume you would no longer be insured

  11. #101
    no one ever, is to blame Howard Jones's Avatar
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    also important to remember you have to surrender your passport when you go bankrupt, and you cant travel out of the country unless you have the permition of your trustee

    and if you dont surrender your passport and try to leave the country without the permition of your trustee you will get stopped at the border and detained by the federal police (happend to another expat over here i know a few months back)

  12. #102
    Custon User Title Borked Cplus's Avatar
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    Quote Originally Posted by Sebastian Vettel View Post
    i dont think you would be required to tell your insurance company you are bankrupt (unless they asked)
    you're bound to advise them of any changes to your circumstances which may change their mind about insuring them.

    technically, every time you get a speeding fine, parking ticket - have a fucking eye test with worse results ffs - you are supposed to tell your insurer.
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    Quote Originally Posted by boostin31 View Post
    I once 1/2 filled a powerade bottle with piss at a daft punk concert then launched it. I doubt the person on the receiving end even knew what hit them though.

  13. #103
    LOTUS EXIGE S Puke Yellow The Schapelle Guru's Avatar
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    also take into consideration how many applications for any thing have the tick box

    "have you even been bankrupt before?"

  14. #104
    Custon User Title Borked Cplus's Avatar
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    Quote Originally Posted by Eddie Munster View Post
    Why does someone getting into debt and being unable to pay their bills have any reflection on an insurance company paying out a claim, assuming the claim is legit.
    it doesn't.

    but it does effect the insurance companies opinion on your ability to manage your financial affairs (ie: risk to pay premium) and the risk of you trying to defraud your insurance to "claw back" in life via a dodgy claim.

    isn't that fucking obvious?
    Public Service Reminder

    Quote Originally Posted by boostin31 View Post
    I once 1/2 filled a powerade bottle with piss at a daft punk concert then launched it. I doubt the person on the receiving end even knew what hit them though.

  15. #105
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    Quote Originally Posted by Cplus View Post
    you're bound to advise them of any changes to your circumstances which may change their mind about insuring them.

    technically, every time you get a speeding fine, parking ticket - have a fucking eye test with worse results ffs - you are supposed to tell your insurer.
    this is true, i didnt consdier that

  16. #106
    Registered User Stix Zadinia's Avatar
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    cunts that claim bankruptcy and walk away owing people money are fucking cunts.

  17. #107
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    Quote Originally Posted by Stix Zadinia View Post
    cunts that claim bankruptcy and walk away owing people money are fucking cunts.
    This. They cost everyone else money. Not unlike dole bludgers.

  18. #108
    Multi - 21 kabab's Avatar
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    Sure the bankruptcy has a lot of negatives...

    But clearing all that debt and saving those repayments would net him about $100k after 7 years..

    With that type of cash and a steady income I'm sure he could rebuild his life...

  19. #109
    Scaramouch seedyrom's Avatar
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    In with pitchforks.

    I am surprised at how accepting people have been in this thread so far regarding not being responsible for your actions .... but one guy complains about someone parking close and hoooo boy, its on!



    I'd sling you a few dollars if you'd pay me back when you're back on your feet. But history tells me you wont.
    Last edited by seedyrom; 06-06-11 at 02:19 PM.

  20. #110
    Multi - 21 kabab's Avatar
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    Quote Originally Posted by seedyrom View Post
    I am surprised at how accepting people have been in this thread so far regarding not being responsible for your actions ....
    To be honest i really don't give a fuck about the banks they make billions in profits yet the jack up fee's etc all the time..

    They are more then happy to charge you high interests rates and be total pricks when a small bit of compassion could serve both parties interests.

    When they lent him money they took a calculated risk that he may or may not be able to pay back the loan, they obviously thought it was worth the risk so they could have the opportunity to rape him on interest.

    Although in this case they lost the gamble by the looks of it....

    Suck shit to them I say..

  21. #111
    Registered User Stix Zadinia's Avatar
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    yeah because banks are giving away money they get for free.. not someone elses money they're borrowing..

  22. #112
    あなたの母親の肛門 Shifty's Avatar
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    insurance thing.

    so... someone who is in debt $20k on a car, can't make their payments, wants out, going under, can't see a way out, burns their car.... they're basically saying there's a fraud-related risk factor there.
    Quote Originally Posted by 350stato View Post
    100% agree with Shifty

  23. #113
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    I don't understand the people wanting to sling shit at the OP, he got taken for a ride and is asking for best advice.

    What's the bet if someone was in that situation because of an ex wife and divorce settlement the story would be completely different. Give him a break.

    my 2c....get as many witnesses to prove you never visited the premises except to pick up your kid. Then deny ever stepping foot anywhere near the place. The legal system is fucking you up....that's just wrong
    now with extra gearbox'y goodness

  24. #114
    ARE YOU REAAAAADY? Grunt's Avatar
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    rx - i dont think anyone is questioning the situation he is in from a legal/family point of view. But this situation has not cost the 80k plus debt he is in, nor the debt:income disparity.

    I think that is what is being discussed as irresponsible/needs to be addressed here - there are 2 themes in the thread.

    One is fucked and seemingly from what we know not of his direct doing and a cunt of a position to be in.

    The other is he spent too much money
    Last edited by Grunt; 06-06-11 at 02:41 PM.
    Quote Originally Posted by doods189
    Will throw in around $3000 worth of reptiles and acc as part payment and maybe if partner let's me a 50in plasma 3d tv

  25. #115
    Scaramouch seedyrom's Avatar
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    My repayments are more than what I earn. I dont have investments or anything fancy. Just work frigging hard, paying off a loan which is in reality, and literally, more than I can afford.
    After the housing bubble burst 6 years ago, the house I just bought, was worth $80K less than what I paid. There was no way out that wasn't ugly.
    So the wife went back to work when the kid was 5 months old, and we started digging ourselves out of the hole.

    No hands went up, and no white flags came out.

    Clubs pay well when you need that little kicker to the income.

  26. #116
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    Quote Originally Posted by seedyrom View Post
    In with pitchforks.

    I am surprised at how accepting people have been in this thread so far regarding not being responsible for your actions .... but one guy complains about someone parking close and hoooo boy, its on!



    I'd sling you a few dollars if you'd pay me back when you're back on your feet. But history tells me you wont.
    The banks are the one's who enabled the debt in the first place. Hard to feel sorry for them when they are making record profits as well. Bankrupt and never borrow again.

  27. #117
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    Whether its you, me or the next person in line, someone will be paying for the $80k through some means or another.

  28. #118
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    Quote Originally Posted by seedyrom View Post
    In with pitchforks.

    I am surprised at how accepting people have been in this thread so far regarding not being responsible for your actions .... but one guy complains about someone parking close and hoooo boy, its on!



    I'd sling you a few dollars if you'd pay me back when you're back on your feet. But history tells me you wont.
    Some things are life changing where as other things are meaningless.

    Not saying the OP did the right thing by getting all the debt but he isn't here having a teary that some mean tradie parked their ute near him, he genuinely seems to be here for help/advice (although he seems to be over looking the down sides of it all)
    Last edited by Mister2; 06-06-11 at 02:57 PM.

  29. #119
    LOTUS EXIGE S Puke Yellow The Schapelle Guru's Avatar
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    Quote Originally Posted by Cplus View Post
    it doesn't.

    but it does effect the insurance companies opinion on your ability to manage your financial affairs (ie: risk to pay premium) and the risk of you trying to defraud your insurance to "claw back" in life via a dodgy claim.

    isn't that fucking obvious?
    also applies to

    "are you of aboriginal or torrest Islander decent"

  30. #120
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    Quote Originally Posted by seedyrom View Post
    In with pitchforks.

    I am surprised at how accepting people have been in this thread so far regarding not being responsible for your actions .... but one guy complains about someone parking close and hoooo boy, its on!



    I'd sling you a few dollars if you'd pay me back when you're back on your feet. But history tells me you wont.
    I think he knows he fucked up. The thread is about fixing the problem he knows he caused. You don't attack someone when they are straight out and just ask for advice. You attack them when they come out crying and blaming somebody else.

    PS It's still the banks fault

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