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OK a question for the increasing financial planning folk

Mate is in a very bad situation

Bank is repoing his car next week

Apparently house soon

So I'm trying to sort him out with a job at work

However we do a financial check lucky only a simple one for sales

Will this come up as a bankruptcy or is he ok

Cheers

No shouldn't show as bankrupt as he hasn't declared it or been forced into it - yet. Credit history might not be too flash though I guess?

if he wants to save his house he should get it on the market and go talk to bank if they take it by the time they add fees etc he won't see one cent.

You can't be bankrupted over a secured debt until after a shortfall has been crystallised. So if he still has the house / car then no he won't be bankrupted.

Unless it was over a secured debt and the bank is taking the car/house on behalf of a bankruptcy trustee.

First scenario is more likely if he hasn't told you he has been bankrupted. Trust me, you know when this happens.

I would however assume he has unsecured debt like credit cards that he has probably been creditlisted for.

If there is a shortfall after the house is gone and he can't negotiate an arrangement and doesn't have LMI, and the shortfall is worth the expense of suing him, THEN he can be force bankrupted

Haha yup.

Am posting this from the Singapore airlines business lounge travelling to a 20 day Europe trip on only 1 week out of my 6 weeks annual leave.

#fifolyf

Send me your itinerary, could catch up.

For now though, I'm going shopping on the Champs Elysees

OK cool thanks for that

Looks like can try help him out in shot term

That said anyone looking for a fairly clean 8mr keep an eye on auctions

anymore jerbs you can hook me up with?

my stuff wont be repo-ed but would be nice to be full time.

so an old mate of mine is in the Bentley club (not rich, he owns a peice of shit 80's Turbo R) and they just did a day at DECA.

They used the back track and I highly doubt they made them get CAMS licenses

So fkn typical of motorsport in this country... there is 1 set of rules for Jap cars, and 1 set of rules for everyone else :/

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