• Australian (ASX) Stock Market Forum

Oz Teens Going Bankrupt

Discussion in 'General Chat' started by Aussiejeff, Dec 9, 2007.

  1. Aussiejeff

    Aussiejeff Well-Known Member

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    http://www.theage.com.au/news/national/bankruptcy-the-only-option/2007/12/08/1196813083832.html

    Apart from the serious side of this report - you have to wonder (in our *spend like there's no tomorrow* society) how many actually ARE filing for bankruptcy before they have hit 20. Can anyone in the know tell me how much SERIOUS education do kids get in school these days on how to manage money/finances?

    Also, I found it ironic that the report appears on a web page littered with links by financiers offering cheap rates and other *lucrative* financial advice/offers... :(

    Not so much Xmas Cheer,

    AJ
     
  2. Nyden

    Nyden G.E. Money Genie

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    Well, a good few years ago I received 0 schooling in any form of finance in high school, but fortunately I was already well discplined in both saving money, & making it, as I had been importing American/European DVDs & reselling them in Australia since the age of 14.

    It is indeed quite scary that a good bulk of my generation have no sense of responsibility in that regard; my brother is 26 & hardly has a cent to his name (which would be understandable if he was a hard working student...but, he left school at 10th grade). I know plenty of other young people who spend their weekly earnings on alcohol, & partying over the weekend :( Not to mention drugs, & outfits that rival the cost of food for 2 months.

    It really is a sad state of affairs, but - being bankrupt will at least teach them! Hopefully.
     
  3. prawn_86

    prawn_86 Mod: Call me Dendrobranchiata

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  4. trinity

    trinity Well-Known Member

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    Good on your father and good on your Prawn for listening to him and persevering on your financial education and application. Not everyone is lucky to have a good mentor. And, not everyone will want or listen to a mentor even if they were presented with one.

    :cool:
     
  5. Flying Fish

    Flying Fish Well-Known Member

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    Those teens learnt from there selfish parents. Too bad.
     
  6. trinity

    trinity Well-Known Member

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    In my humble opinion, I think that statement is a bit too harsh. There could be a whole lot of different factors that push teenagers to bankrupcy, a big factor is the environment and how easily banks give credit to teenagers. Hopefully, this will be a wakeup call for the teenager in the article, as well as others out there.

    :cool:
     
  7. Happy

    Happy Well-Known Member

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    Filing for bankruptcy seems to be so normal, that probably laws will have to be changed a bit, as at the moment bankrupts can get clean slate after several years and they can do the same many times in a lifetime.
     
  8. Julia

    Julia In Memoriam

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    In all the cases I've seen of people almost happily accepting bankruptcy to get out of their self inflicted misery, I've yet to find even one who gave a millisecond's thought to their creditors. It's just too easy a way to cop out.
     
  9. Smurf1976

    Smurf1976 Well-Known Member

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    Went technically (didn't do the legal stuff) bankrupt at the age of 23.

    Let's just say excessive leverage and speculative stocks aren't a good combination...

    Paid every cent back the hard way - through actual work. Amazing the jobs which suddenly become "attractive" when you really need every cent. Amazing just how low you can cut everyday living expenses too.
     
  10. awg

    awg Well-Known Member

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    someone near & dear to me may be facing this issue, and I am doing some research on the options.

    The situation is they crashed an uninsured car into a parked vehicle.

    damage to the other vehicle, (which was insured) is the issue, with my estimate $10k min, but maybe write-off ~40K (still awaiting bill from Insurance co)

    said young person was not badly hurt, but is experiencing mental turmoil before and after, to the extent medical treatment is required.

    I have offered to negotiate with the Insurance Company, as I have done this successfully several times before.

    My hope is to be able to agree settlement, however, ultimately it is not my decision to make, as the person is an adult, but reliant upon Youth Allowance, with no assets.

    A definite option is declaration of bankruptcy.

    I seek opinions and experience on all options available, especially anyone been down this route.

    all comments welcome, even unfavorable ones.

    will seek legal and/or accounting advice on their behalf.
     
  11. SirRumpole

    SirRumpole Well-Known Member

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    I guess an option could be that the family pay off the debt if possible and make some arrangement to take it out of the youngsters future earnings.
     
  12. Boggo

    Boggo Well-Known Member

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    While I sympathise with this person and their family/friends etc as accidents do happen it does beg the question of whether these people should be on the road at all.

    In this case fortunately nobody was injured but imagine if an innocent person was injured to the extent that they require $1000's of care monthly for the rest of their lives who is going to fund that ?

    Not this driver obviously.

    (actually accidents don't happen - they are caused)
     
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