MSE News: Bankruptcy threshold increases from £750 to £5,000

Rosieblue wrote: »

Hi, I've been in a DMP for 8 years, considering going bankrupt, I've been thinking about this for a year, it terrifies me to do this, hence taking a long time to decide, I pay over £400 a month, I'm 60, I don't own a house, but have a car for work, I feel I've been a bit stupid in not going into a IVA, but there is no point in looking back, can anyone that has gone through this let me know what happens, I've researched this extensively, I find there is a lot of info, but some are scare tactics.

Rosieblue, every situation is different, so very difficult to say what is the best/right move for you and might be best contacting CAB to get expert advice on your next step. I went bankrupt over 6 years ago and this has now dropped off my credit report and I starting to see light at end of what was a very long tunnel. DMP can be the best option for some people, depending on situation but sadly with debt management plans they can just keep going on and on for years with seemingly no end and you never feel like you getting anywhere. Bankruptcy is a massive step and something you need to think about very strongly but the one good thing is, there is light at the end of the tunnel and it just gives you the chance to put all that stress/pressure and worry behind you.....There is lots of factors to take into account. How much you owe, whether you own your own home etc, etc....As you need the car for work, I dont see any reason why that would be taken off you in bankruptcy but all these things do need to be looked into.

By the way, you should never feel stupid...hindsight is a wonderful thing that many would say, they wished they had.....we've all made mistakes, otherwise, most wouldnt be on this forum...its making the right move now that counts!

Best wishes on your next step...