Search results

That's pretty much what I said. From my understanding anything that touches the NPII even for a nanosecond is there permanently... completely different from the ins and outs of your credit file.

No idea! They get your permission (at least in the fine print) to check your credit history, so maybe there's also something in that same fine print mentioning NPII/facebook/best friend's buck's night checks also.

Not quite total reversal... the bankruptcy is recorded in TWO places: Your credit file, and the "National Personal Insolvency Index": If your bankruptcy is annulled it is only removed from your credit history, but will remain forever listed on the NPI even if you're only bankrupt for one day.

But we have had a downturn even if not technically a recession... I bought my dev site for 1.22 at the height of the market (jan 2008) and after spending a LOT on DA and interest had to sell it for 1.1 in November last year. Not hard to comprehend people losing even more than that.

That's so ironic to me, given the ATO is in the business of legal theft.

But as far as I can tell, he spent it before it was due, meaning he spent his own money.

I really abhor that phrase 'tax payers money'. Besides the fact that he's being forced by law to hand over his money... It doesn't belong to the 'taxpayer' until it falls due. Before it falls due, it's still his money. I guess it's similar in some ways to the phrase 'kids inheritance'.

That's not how I read it. I read it that he's happy to pay the $70k that he owns (equity) to his creditors, and then keeping properties that he will hence forth own $0 equity in. $70k owned by his wife, and the rest owned by the CBA. Creditors get "all he's worth" and seems to me he's not trying...

The fact that there's a stigma is a real shame I think. If there weren't such a stigma, there might be more people willing to share their personal and direct bankruptcy experiences with smiley and the rest of us here on a public forum for people to learn from. Instead bankrupts stay silent...

How would a 2nd or 3rd job pay off a $300k debt? To pay off that kind of debt, you'd need to pretty much earn $600k. Maybe you can be the CEO of 3 different banks :)

I think what smiley was saying is something that applies to many professions... let's take property managers for example: They don't all think alike and they don't all know 100% of what it takes to be a good PM, so sometimes you need to take what's good from one PM and 'teach' it to another so...