Sometimes, things go wrong. Businesses fail, marriages break down, bright ideas don’t pan out as expected…
Emotionally, it can all be pretty traumatic, but at least there’s one thing you can be glad about these days: if your dreams come crashing down and you end up with plenty of debt and nothing to show for it, there is such a thing as a second chance.
That’s because bad luck isn’t a crime, any more than falling ill and losing your job is. They’re examples of the slings and arrows of outrageous fortune that Shakespeare warned us about.
A world in which people were punished for bad luck would be a world in which no-one took chances, whether that’s starting a new business, buying a house, emigrating, moving to a better job…
Today’s governments understand this, as our insolvency laws prove. These days, insolvency can be the best way to get back on your feet – as long as you do what you can to give your lenders a fair deal too.
And Scotland’s not the only country to recognise how important this is. Just scroll down and check out the infographic from DACScotland.co.uk to see what other countries do to help people with serious debt problems.
It’s something we put together to help people compare and contrast different approaches – and alternatives – to bankruptcy in various English-speaking countries around the world, from Scotland to Australia.
Today’s laws don’t mean people are free to borrow and spend without any concern for the consequences. Insolvency is a big step that can affect your life in all kinds of ways, whether you’re applying for a mortgage or applying for a job.
But it won’t last forever. It doesn’t get the death penalty. And it won’t see you thrown in debtors’ prison. Just make sure you talk to an expert before you go committing yourself to anything.
Insolvency Around the World – fact sheet from Trust Deed provider DAC Scotland