Bankruptcy was the only reasonable solution to me back in 2006. Having genuine concerns I embarked on some research to see what was in store for me. Although there were a few websites offering help with going bankrupt, they all missed a personal perspective. That is why I shared my experience with the world.
I did this by publishing my journey, which appeared in national newspapers such as The Independent and The Guardian. Following that I attained a qualification in personal insolvency and also launched this website, something that I am extremely proud of.
Most of the information I present draws upon my experience of having been bankrupt and the technical knowledge I have.
As bankruptcy is a legal matter I have included information for you to start familiarising yourself with the process. Although it is relatively simple to declare yourself bankrupt there can be complexities, and sometimes surprises, along the way to be aware of.
Many people think that you are not allowed a bank account when bankrupt. This is not true. There are many ways in which people can obtain accounts following bankruptcy in the UK. Go to the bankruptcy bank account page for more information.
The day of the bankruptcy discharge is something that all bankrupts look forward to. Throughout my website you will read various tips about life after bankruptcy and how you can begin to recover. Ensure you do your own research also.
Going bankrupt in the UK can be simple or complex depending on your circumstances. Advice and information are key. Removing the uncertainty of bankruptcy will make life much less stressful.
In the UK you will usually only be bankrupt for a maximum of 12 months, then you are discharged of your debts. As your affairs will usually be investigated during that year you should aim to establish in advance:
Understanding these points will place you in stead for a less stressful time.
Bankruptcy can feel very isolating at times but it is important to understand that you are not alone. In the UK approximately 41,000 individuals went bankrupt in 2011, with approximately 31,700 going bankrupt in 2012. Such a decrease is good news, but it is no prediction of the future. There are many individuals still in debt and interest rates have remained low. Should they increase, I'm sure the bankruptcy statistics will increase again.
To help provide a personal perspective on bankruptcy I have published the accounts of other individuals who were kind enough to share their experiences.
This experience was sent in today. I had to declare myself bankrupt about 3 years ago. This was because I went stupid with too many credit cards. For 2 years before I went bankrupt I was just paying off one card with the next one and so on until it …...more info
Since my own bankruptcy in 2006, the overall quality of bankruptcy advice has improved. An awareness of bankruptcy has increased among both the public and organisations. Some organisations have invested in training to ensure their staff have the knowledge and skill to advise on bankruptcy matters. That is positive, however …...more info