How hard is it to declare yourself bankrupt

MasterBell_2 · 28 November 2006 at 7:07PM

Now this isnt somethin im planning on doing or ever going to do as my debt it managable and i AM going to clear it up.
Just wondering how hard it is to declare yourself bankrupt as i think sometimes some people see it as an easy option to clear debt.

Im just concerned that as im in debt, these creditors are losing all this money and lets face it they ARE going to recoup it somehow,

I dont want this to be a i filled for bankrupcy because blah blah blah, not being nasty just everybody does this for there own specific reasons!!!!

So just wondering on the facts that are there ie
numbers on the increase (%)
how hard it is etc etc

Im not being a random noob, have been browsing this forum for over a year and look at it everyday, just dont post very often.

Thanks

jellycat40 · 28 November 2006 at 7:12PM

It is technically easy, you pay, you wait around, you have an interview, you have another interview 2 weeks later and that is it. 6-12 months later you are discharged.

However, emotionally it is a very different story. It is a failure, no one would borrow large amounts of cash if they thought they would not pay it back (at least I wouldn't have). It can make you look pretty silly to others that know and you do have to deal with the bad credit report for the next 6 years!

All I can say is that it was the best day of my life when I got the piece of paper that said I was free from my debtors.

Louise

gettingitsorted · 28 November 2006 at 7:32PM

i agree with jelly .

the emotional stress and worry you go through both making the choice and going through the process is huge and makes alot of people ill .

for me it was the best and only option for my circumstances

bizzylizzy · 28 November 2006 at 10:58PM

I am in the process of going br and if anyone thinks it is easy then they clearly haven't been through it themselves.
I'm not sleeping properly and the nearer the Day gets the more stressed I am.
When I phoned the court for the date I was shaking and having palpitations.
The nearer it gets the worse I feel, I dread to think how I will be on the day. I know I'm not the only one who feels like that.
It is NOT the easy option!

Pobby · 29 November 2006 at 1:11AM

I had a friend that went bankrupt earlier this year.for 60k,and what an easy way out.Lives in a house owned by his folks,he is aged 29,lives in a dreamworld.The OR has contacted him and said he is now off the hook after 6 months.He told me about his court appearance,the judge just muttered that it is a sign of the times.bizzylizzy if you have no assets to loose I really wouldn`t worry.It would appear that you you go before the judge,he will declare you a bankrupt,apart from credit lines shot away that is pretty much it.

Mad old world ain`t it.But so many folks go under because of bad luck,not just spending beyond their means,to them my heart goes out to them.

makingendsmeet_2 · 29 November 2006 at 11:26AM

bizzylizzy wrote:

I am in the process of going br and if anyone thinks it is easy then they clearly haven't been through it themselves.
I'm not sleeping properly and the nearer the Day gets the more stressed I am.
When I phoned the court for the date I was shaking and having palpitations.
The nearer it gets the worse I feel, I dread to think how I will be on the day. I know I'm not the only one who feels like that.
It is NOT the easy option!

You will be fine. Mosts court have you in and out in 5 mins. I went last month with my wife and she was just like you when she walked into court. When she walked out though she said that it was less stressful that having to que up at the post office.

makingendsmeet_2 · 29 November 2006 at 11:32AM

Masterbell's post it a bit missleading the title is declaring yourself bankcrupt and when you read the post it says about being forced into bankcruptcy. Shouldn't worry if you are paying what you can afford Masterbell as a creditor isn't very unlikely to declare you bankcrupt whilst you are paying them as it costs a creditor around £2500 to declare you insolvent and they are highly unlikely to get any of that back.

Mike_St_Helens · 29 November 2006 at 11:41AM

It was the hardest thing we have ever had to do . Stressfull, upsetting, degrading, difficult,and whatever else negative I could think of....

But now its over, I feel like I have another shot of my life, debt free.

THE_LONE_RANGER_4 · 29 November 2006 at 11:52AM

i knew some one who went bust for 125 k discharged after 12 months that was 3 years ago they kept there house now drive around in new 15k car flash clothes etc some in the village find it annoying but i dont judge there busness went under sign of the times they went bust faced the music now have 2 good jobs so why cant they live the good life people must remember we never know all the facts when people go bust so should not judge i suppose

How hard is it to declare yourself bankrupt

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