David James Bankrupt

That's what it's supposed to be. In reality, all too often it's a way of wring off your debts so you don't have to pay them back while at the same time keeping all your stuff. It's the personal equivalent of a football team going in to administration. Declare bankruptcy, debts gone, carry on as before. Bankruptcy should, as the name suggests, leave you with nothing. Everything you have being sold to pay off your creditors. When everything is gone, you're then allowed to start again without the debt hanging over you for the rest of your life. It's supposed to be a second chance, you lose everything, but you're allowed to start a fresh so you don't spend the rest of your life servicing a debt. Let's see if David James ends up sleeping on his mam's couch in a borrowed pair of his dad's brown cords. Personally, I don't think that is going to happen.

 

Yeah it's pretty crappy thing to do.

Neil Morrissey's property business went bankrupt 5 years ago and he made an independent voluntary arrangement which meant that all his earnings, minus his living costs, went to his creditors for three years and he paid them all back, decent bloke, wonder if David James is doing the same?

http://www.dailymail.co.uk/tvshowbiz/article-1206914/Neil-Morrissey-vows-pay-creditors-property-firm-collapse-leaves-2-5m-debt.html

 

No doubt a job on Sky Sports awaits

 

Cheers for the link mate. Neil Morrissey has just gone up massively in my estimations. What a brilliant thing to do.

 

He did sleep with Les Dennis's wife though.

Poor old Les with his one impression.

 

That's not a revelation (unless you are being deliberately ironic) but the combination of paying off familes of abused children, and paying to sustain an addiction to pharmaceutical grade substances is usually far too much even for the seriously rich.

Not to mention the ultimate child abusers paradise that he built to afford himself opportunities to abuse children. While many do buy into the wacko-jacko rich eccentric image, there are plenty who see him as a dark and cynical man.

 

http://www.theguardian.com/football/2014/may/17/roy-hodgson-final-23-england-world-cup

 

Not disagreeing with most of the opinions in the thread but going bankrupt isn't quite as easy as some are suggesting. He must have more debt than what he has in assets, and if he gets to keep his house he must have little or no equity in it. He may also have to pay some money into the bankruptcy for the next 3 years. Obviously it's very surprising that someone can lose so much money, but without knowing the ins and outs we don't know what's caused the situation.

 

Apparently a lot of his money had gone to various charities over the years and then his divorce tipped him over the edge financially

 

With footballers most of it usually goes to the bookmakers in these cases.