Germany have the toughest insolvency laws in tne world I reckon...a baliff is used to discharge court warrant to collect all surplus money above 980 euros in monthy earnings, for 8 YEARS or til the debt is repaid.So thats 8 years for a discharge to happen????
That sounds like a 8 year IVA....and no 50:50 split in bonus etc
In the UK it is one year for discharge....
An MBNA 10 year DMP don't sound too bad???
Last edited by timeforchange on Thu Sep 03, 2009 5:05 pm, edited 1 time in total.
Try The Republic of Ireland if you want to see Draconian. Only recently was it deemed unconstitutional to jail people for non payment of debt and the bulk of those jailed were single mothers for debts of a couple of thousand euro. Bankruptcy is for 12 years and the costs are in excess of 30,000 euro so many people are now becoming bankruptcy tourists.
They move up to the North and rent a property. Once here they seek work or obtain benefits and deem the North as their 'centre of main interest' and apply for bankruptcy in Belfast. Then when they move back down South their Southern creditors cannot touch them due to European laws so maybe there is a possibility for the Germans to come to Britain and use the British insolvency laws.
to be honest michael and timefor when i found out about iva,s through contacting national debtline i thought it was to good to be true,so well done britain for having compassion for debtors.
I don't live in Germany and I am quite happy with the way things are run in this country at the moment.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
