The unknown cost of some Bankruptcies
By: Scott James | Posted: 01st March 2007
Bankruptcy is one of those words that immediately cause a reaction. In the most basic of definitions it refers to the inability of someone to satisfy their creditors and has insufficient means with which to settle their debts and as such has to seek protection from the Authorities and at the end of the day no one wins, everyone loses something.
This is a fact that cannot be emphasised enough. Where Bankruptcy is concerned there are no winners despite what people may or may not say. Despite promises and assurances on behalf of professional advisors when the necessary court appointed vultures have had their share of the cut/dividend there is very little if anything left for Creditors, certainly only pence in the pound.
It would be nice to think that professional legal advisors would read this and pay attention. It is a bit like loading up pistols left right and centre for a “Russian Roulette Fest” it gets nobody anywhere.
Analysing the above scenario leads me to alter my perspective that in this type of situation the only winners are the lawyers and accountants certainly not the creditors or debtors.
Unknown to all at this point is the hidden silent cost to all of this and it is the cost of ill health to parties on all sides. It is the great silent factor that sits in the corner and no one wishes to acknowledge but remains there all the same.
Let us analyse part of that “ill health” that we referred to above and that is the area of High Blood Pressure. The incidence of high blood pressure is increasing at an alarming state and in certain cases is almost out of control. This high blood pressure can certainly be lethal and in some extreme cases can have a fatal out come.
Our financial advisors would tend to lead us on almost irresponsible crusade for what we think is right and is most certainly our right that we are very rarely aware entirely of the consequences of our actions. I have client who as well as his business career being now over has such a low quality of health that his life is almost over as well.
Who gains by all of this? The answer is that there is very little positive outcome to any side in all of this and if I may can I have just one plea to any financial and legal advisors out there. Do your background homework on cases like these and get your facts right (something that they very rarely do) because usually Creditors end up losing large sums of money and if the whole exercise is handled badly then lives can be lost as well.
Sadly I think my appeals to this end may fall on deaf ears as most parties certainly as far as plaintiffs are concerned do not give a damn as long as they get their fees paid never mind recovering funds for clients.
Scott James writes about Financial and Health Matters
for a number of web sites and more information on the above can be found at
Cost
of Filing Bankruptcy and also at
http://www.livingwithhighbloodpressure.net/cause-of-high-blood-pressure.html
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Tags: consequences, promises, extreme cases, assurances, debts, bankruptcy, high blood pressure, creditors, pence, debtors, business career, financial advisors, accountants, ill health, crusade, dividend, pistols