I guess my financial issues began several years ago following a divorce. I was left in a 5 bedroom house with no job and had lost me two young boys but I was adamant not to lose the house. I eventually began a new career in a business coaching franchise, which cost money to enter, so my financial problems became larger – I felt at the time that this could be me last ditched effort to make the money I needed (circa £7k pm) to keep the boat afloat.
I remarried and have a beautiful daughter but at the beginning of 2008 recruitment into the franchise began to slow down and my franchisees were not making the income they could have so my income began falling. Still being stubborn and ignoring the inevitable outcome I tried to keep trading, borrowing funds against the house, to try to keep going. I did not see that I had any option. Eventually in June 2008 I ceased trading as a limited company and eventually filed for bankruptcy in December 2009 with debts of just over £100k.
I took advice from the CAB but felt that as they had not been through the process themselves I would have to face the process alone. I didn’t find your site until it was too late.
The day in court was harrowing (I don’t even have any driving points!) but decided to attend myself and take responsibility for my predicament. The hearing took about 5 minutes and the judge was fine. Then the official Receiver took over and all the months of harassing phone calls from creditors stopped. I am just about coming to terms, emotionally, with the stigma of bankruptcy and hope to avoid family breakdown by talking to my wife. I still have no job/career at the age of 48 and still a bankrupt. I don’t know what the future holds but I will keep going.
As I write this I am preparing to move out of my home of 9 years and hand the keys bank to the bank and move, with family financial help, to a rented property. I am doing car boot sales, eBay etc to get as much cash as possible but feel that this move may allow me to move on. I believe most things happen for a reason but haven’t figured the reason for this just yet!
There is more life during and after bankruptcy than before and I feel it is vital to seek some sort of discussion forum from those trustworthy people who have been through the process. Best wishes to all of you who need to go through bankruptcy you will make it through but do try to seek support from family, friends etc.
