Interesting conversation on another thread Re bankruptcy in NI. One of the topics that came out of the thread which there seemed to be some ambiguity around was Statute of Limitations versus bankruptcy. I never really thought of statute of limitations as a viable option due to the possibility of lenders reactivating the statute every few years but some posters seemed to of the opinion that the lenders will take a pragmatic approach when dealing with people low levels of income and no assets. Curious to know what other posters opinion is in this regard and would statute of limitations be a viable option.
Personally, If I was in this scenario I would be very reluctant to go for statute of limitations for the reason that it appears to be too ambiguous in terms of when does statute actually start and also the possibility of being on tenterhooks for six years wondering if the lenders would reactivate this every few years.
Maybe some other posters could shed some light on the above or what are the opinions on statute of limitations in general?
Personally, If I was in this scenario I would be very reluctant to go for statute of limitations for the reason that it appears to be too ambiguous in terms of when does statute actually start and also the possibility of being on tenterhooks for six years wondering if the lenders would reactivate this every few years.
Maybe some other posters could shed some light on the above or what are the opinions on statute of limitations in general?