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In every society you get people who don't pay up when they should. Bankruptcy is hardly a cop-out because it destroys your credit for at least 7 years - which is a long time.

Just a cost of doing business. If you can't accept it then don't provide credit or services to people without security. We all share the same thing.

...and the people who suffer because of this?? The credit card companies...who know this happens all the time (which is why they charge 20% interest). No poor unsecured mums and dad creditors.

Yes kathryn, because people don't make mistakes in life. If only everyone just stayed in a job and paid their taxes, the world would be a much better place for it. Note: sarcasm.

Without consequence? How about not being able to borrow money for 7 years? The stigma from people like yourself who have no understanding of their situation? Seriously kathryn you need to do some research. You, and many others here, have a very PAYG-worker mentality about this issue. I guess...

Spiderman, With all due respect that kind of thinking is what led to the creation of 'debtors prisons' for those who could not pay their debts. They were locked up in jail until they could repay their debts....but how is one supposed to do that if you are in jail? Bankruptcy is necessary in...

Could be any of them, redwing. Like I said only if you delve into the particulars of the bankruptcy do you know which type it is. The only people who think bankruptcy shows bad character are those who are too scared to take any kind of risk themselves. Businessmen understand that for every...

It depends on what the bankruptcy was for. Prima facie it just indicates what Sim said - that the person owed more than they could repay.