Note: You must be registered in order to post a reply. To register, click here. Registration is FREE!
T O P I C R E V I E W
Widge
Posted - 03 March 2011 : 15:02:01 I'm sorry if this sounds stupid, but having just been declared bankrupt and not yet spoken to the OR, I was wondering what happens to existing debts once they have all the money they can bleed from you? Is it all written off or what? AND if it is written off what actually happens to the 'money' that you owed? It's a bit of a deep question I know but my mind is hungry for answers about where the debt goes to if its written off! Sorry if I'm asking too much! Widge xxx
3 L A T E S T R E P L I E S (Newest First)
Skippy
Posted - 03 March 2011 : 18:34:21 Your creditors are also insured against bad debts.
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last!
Widge
Posted - 03 March 2011 : 18:32:59 Then where and what sort of position does the parcel stop? I'm interested in all the issues. My mind won't explode - I have lots of capacity in there!!! And how do I avoid it arriving back in my lap? Widge x
Richard P
Posted - 03 March 2011 : 17:23:41 Hi Widge
The easy answer is on petitioning for bankruptcy your debts (and assets)become the responsibility and control passes to the Govt.
your mind may explode if you want to explore all of the company persoanl tax issues etc,
like a game of pass the parcel once it leaves your lap it aint your problem, just dont put yourself in a position that the parcel and music stops on you !
