Former England soccer keeper has just declared himself bankrupt after a divorce.
He seemed like a smart guy and earned about 30 million dollars in his career.
http://www.telegraph.co.uk/finance/perso...krupt.html
The reason I wanted to start a thread on this is because I am confused what bankruptcy actually means in this day and age.
About 200 years ago - you would go to Debtors prison and be enslaved until you repaid your debt (I think that is how it worked in Dickensian England).
But these days - it seems you can declare bankruptcy, sit on the naughty step for a year and then get on with your life.
Is that what this sentence means?
Also - for those declaring bankruptcy - do they have to give up their expensive houses - or do they get to keep them?
I am just confused about this whole area. Both in terms of how it used to be - and how it is today.
When I was a kid - I thought bankruptcy meant going to live on the streets. But these days - it seems to mean you take a break from partying for a year.
I am confused.
He seemed like a smart guy and earned about 30 million dollars in his career.
http://www.telegraph.co.uk/finance/perso...krupt.html
The reason I wanted to start a thread on this is because I am confused what bankruptcy actually means in this day and age.
About 200 years ago - you would go to Debtors prison and be enslaved until you repaid your debt (I think that is how it worked in Dickensian England).
But these days - it seems you can declare bankruptcy, sit on the naughty step for a year and then get on with your life.
Is that what this sentence means?
Quote:Quote:
The documents state Mr James, who now works as a football pundit for BT Sport, will be automatically discharged from bankruptcy in a year.
Also - for those declaring bankruptcy - do they have to give up their expensive houses - or do they get to keep them?
I am just confused about this whole area. Both in terms of how it used to be - and how it is today.
When I was a kid - I thought bankruptcy meant going to live on the streets. But these days - it seems to mean you take a break from partying for a year.
I am confused.