Bankruptcy C/D

tell us what restrictions are put upon your finances ET CETERA after becoming a bankrupt. hm, tell us the downside.

Lots of Canadian students used to do it. They made it illegal. Seems to me that the burden of the loan debt is about as bad as the burden of being a bankrupt.

Its like a clean start rather than a punative measure, few restrictions basically the banks treat you like a lepar for a few years.Bankrupt for 3 years, credit record shot for 5 years, have to ask permission to leave the country while bankrupt though it is only a rubber stamp measure. Small price to pay for 50,000 dollars compounding at 8% each year- mine just got away on me. If it was a private debt , I couldnt do it ,but the govt I dont lose any sleep.Im a free man :)

kiwi, I always thought you were a woman!

For you Rainy... anything

Not legal in the States, although defaulting and settling for pennies on the dollar is an option worth looking at if you don't need clean credit.

How about your self-respect?

p.s. that's an honest question, not a dig. Didn't you feel a bit of a failure? I suspect I would.

oh for sure theres a sense of failure there. for a number of reasons i can justify (rationalise?) it mainly because I was so opposed to the inequalities of the student loan scheme for some sections of society. i wont bore you to tears with that.its not something that deeply bothers me , perhaps it should?.i was just wondering what other nzders who know the system over here feel about this one?

Kiwi: I just have this to say...

As a New Zealand Tax Payer for the last 17 years, and student-to-be for the next four or five years, mate, I reckon you are a lazy good-for-nothing arse-hole. No less.

Suggest you get your arse out of this country I call home and am proud of, because it's leaches like you that suck our land dry.

Go live in South Africa or something.

How dare your call yourself Kiwi.

maybe mitch can put him up.

hi Perry, yeah part of me thinks this too-I guess deep down it must bug me a bit, or I wouldnt have asked.

my problem with student loans is in our society user pays only applies to those who try and educate themselves. as though its a cost rather than a net benefit to society. i could have gone on welfare for 5 years bled the state dry and not have to pay a cent back, nor much to offer the country as a result. You would argue that someone on welfare doesnt have a choice. Im not so sure- Ive spent my time on the dole as well.

ANyway the loan scheme pisses me off..
1. crippling intrest rates(i think Aussies loan is linked to inflation) i was paying intrest from the day i borrowed money and because I wasnt earning enough to pay back anything it got out of control. I know Labour has made some changes to this but it didnt help me.

2. i think paying fees is fair enough. the major part of my loan consisted of living costs. the fact that it was determined because i was under 25 my parents could pay for me is crazy.They could not support me.

But Im guessing youre over 25 and will recieve a weekly living allowance from the TAXPAYER that you do not have to pay back?
If not, then good for you, youre a better man than me. Sorry for the poor me rant cheers

OK, OK, I regret being so hard on you. There are a lot of situations where the state is entirely unfair, and the hand it uses to enforce it's rulings, utterly draconian.

You are right, there are an enormous number of NZers that habitually live on state funding, and I have little time for them. The welfare state exists so that honest people can get assistance at real times of need. Those same people feel bad about accepting the state's help, and yet they are the ones who truly deserve it. It's the others that I have a problem with. The ones that never intend to get that job, have more children to increase their benefits paid, or stay off work after accidents because it's easier to play out the 'pains' than get their arses into gear and work through it.

I will be working part time whilst I study in order not to have to loan any money from the state and I am presently devising ways in which to make ends meet. Hopefully, I will do some home tutoring, and also I will have to make some large compromises on my living circumstances.