R RMCF Registered User Messages 1,432 16 Nov 2011 #1 If you declare yourself bankrupt, and the following week you win the Lotto, would you get to keep it?
If you declare yourself bankrupt, and the following week you win the Lotto, would you get to keep it?
Brendan Burgess Founder Messages 54,682 16 Nov 2011 #2 No. First you can't just declare yourself bankrupt. You or your creditors can apply. The High Court makes the decision. Second, the Trustee in Bankruptcy will look after your affairs for 12 years. Any income you get in the next 12 years will go to paying your creditors. You get a fresh start after you are discharged from bankruptcy. Brendan
No. First you can't just declare yourself bankrupt. You or your creditors can apply. The High Court makes the decision. Second, the Trustee in Bankruptcy will look after your affairs for 12 years. Any income you get in the next 12 years will go to paying your creditors. You get a fresh start after you are discharged from bankruptcy. Brendan
M Mucker Man Registered User Messages 232 17 Nov 2011 #3 So if you win the Lotto, give the ticket to someone you really trust who will look after you!!
S Stressed1 Registered User Messages 12 27 Nov 2011 #4 Re Assuming u go bankrupt in Ireland, however u could be out of it within a year if you decide to make yourself bankrupt in the uk
Re Assuming u go bankrupt in Ireland, however u could be out of it within a year if you decide to make yourself bankrupt in the uk