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 got to the point when all cards were maxed out and no longer working. At this point I went to seek help from a advice centre.
They said the only way out was probably to go bankrupt, so that is what I did. The main problem can be the money required by the county court to be made bankrupt (£700 England and Wales). It is cheaper if you are not working.
After bankruptcy the first problem was to find a new bank account. The insolvency office writes to your banks to inform them that you are bankrupt. Then it is up to your banks to decide if they want to close the accounts. I was able to open a Cooperative Bank account but that is no longer an option.
Going bankrupt was the best decision I made if only on grounds of my health and being able to get a good nights sleep without thinking about it all night.
I became bankrupt on 2nd October 2006. I am a single parent and I was working 3 jobs trying to repay debt and I just got in deeper and deeper.
It was very stressful as the person hired to help me did not appear at court so I had to go through the experience on my own. I received a notice of insolvency satifaction on 28th March 2007.
The bankruptcy still appears on my credit report. My score is not improving as some of the people I owed money to are still on my credit report and each month update to say I have not paid. I need to contact the lenders and inform them of my bankruptcy and subsequent discharge.
This has been a very traumatic experience and I feel it is a shame that some of the people who you pay to help you end up ripping you off more.
My advice is very simple for anyone considering bankruptcy. Get as much help and professional and impartial advice as possible PRIOR to petitioning. Do not leave anything out, do not hide anything and be truthful to yourself. CONSIDER amongst anything else PRIOR transactions which could come back and bite you – and i speak from experience. This is not an easy get out clause and i only wish i had not been as hasty to make a decision – and wish i had stumbled across this website earlier!!!!!
Good god I wish I had found this site twelve months ago. I had built a successful business in the construction industry. The company I was subcontracting to constantly paid me late and my overdraft constantly grew to pay the wages and running costs. The stress was unbearable and it was affecting my mental health. It had a major affect on my relationship.
My wife who had previously enjoyed large amounts of cash didn’t care and I was getting deeper in the hole. The company finally went bankrupt on me in 2011. I just ignored the situation and it got steadily worse. My wife had finally had enough and left, or rather locked me out. I ran up huge debts fighting to see the kids. So now I have no choice but to follow this route. But thanks to this website I don’t feel quite so bad about it I will get through it – somehow.
It is the most difficult thing in the world to admit to yourself that your finances are out of control and you need to do something about them. As a therapist for the NHS I helped people come to the same decision that I eventually had to make – bankruptcy.
Needless fears arise for everyone at what will happen and most people will assume the worst. I used this site as my first contact because of the light hearted title believe it or not. I was contacted by a very nice woman (one of the many associates of this site I believe) that then directed me along the path of bankruptcy. My only complaint is that she was sometimes a little quick, but I have MS and everyone is quick to me.
I am one year passed bankruptcy and feeling much better. I may not have credit cards and would find it difficult to obtain credit but I have peace of mind. It has been many years since I have experienced that and it is priceless.
If you need help don’t wait – take a deep breath and go for it. Don’t punish yourself any longer. You might know that saying “every journey begins with one small step.”