Luxury BMWs a debt trap | Herald Sun: "A BMW
spokeswoman declined to comment on the amount of cash being sought through the courts.She said the company lent money for all cars, including second-hand cars, but rarely financed cheaper models.
The company tried 'extremely hard' to come to repayment arrangements to avoid repossession, she said.
Bankruptcy expert Peter Malone of CRS Warner Kugel said creditors could, through a bankruptcy trustee, seize a debtor's assets, including the family home, cash or shares.
He said creditors could repossess and sell cars, but debtors would owe money on the shortfall. People could be made bankrupt for as little as $5000, he said.
The Sunday Herald Sun inspected 32 BMW actions in the Federal Magistrates' Court, where the debts ranged from $8000 to $190,000, with most in the $30,000-plus range.
One man, who did not want to be named, said he was holding a $110,000-a-year job when he bought a $80,000 Lexus, all on credit.
'Then I lost my job and couldn't pay $1000 a month - it was a rude awakening,' the 34-year-old said.
A woman earning $36,000 a year said she was a victim of 'sexually transmitted debt' after her ex-husband had her sign paperwork for the car loan, then left her."
s Vegas club bankrupt | Music | Entertainment | Toronto Sun: "The owner of the B.B. King's Blues Club
in the Mirage hotel and casino on the Las Vegas Strip has filed for bankruptcy protection, court records show.
way back in 2002 (quick recap: he broke off his engagement to Helene Eksterowicz shortly after proposing), has filed for personal bankruptcy in his native Springfield, Miss., where he owns a restaurant.
: I'll pay off my debts in 2 years | TV News | Now Magazine: "Kerry Katona intends to carry on working hard to pay off the debts she racked up during her former destructive lifestyle.