First step of a long road I think.

raradel

After speaking to CCCS on Friday the gentleman I spoke to said Bankruptcy is probably my best option. This has left me partly relieved that this could soon be over but on the otherhand I feel like a total failure that I haven't (or wont be able to) repay my debts.
Thing is now, is that I'm scared that I will not be able to go bankrupt and have to repay still and at £140 (which I was paying through dmp will take 19 years and that was hard enough).
This really is my last resourt and I have tried for 3 years to repay what I can and I just cant bring myself to collect those forms to begin bankruptcy but I know my family cant carry on like this anymore. Im not sure what it is that frightens me so much to be honest, I know that I will lose my car but that doesn't bother me so much, I just want my life back instead of worrying whos going to ask for how much today.

AnnesWitterings

hi raradel

i went Br on Thursday, im not sure how its going to change my life yet, but to know i dont owe all that debt anymore is a wonderful thing.
there will be some more experienced folk along in the morning who can help you in a more clear way as to the way to go BR,
can you post a SOA a list of your income and outgoings and these lovley folk will help you as they helped me.
i promise it does get better and youve taken the first positive step by posting on here

please do post again

anne

dalip

Morn and welcome to the family:D

First off bc is a big step and you have already taken a few big steps in trying to sort out your debt.

Feeling a failure will pass as time goes on. I went bc about 7 mths ago now and can honestly say it was the best desicion i ever made. Did not think so at the time,but looking back now to what my life was like 1 yrs ago,wow there is no comparision. My famly said all i ever talked about was money,i was snappy,ratty,emotional. Even my father says i am so much happier and relaxed.

Why are you scared you wont be able to go bc.? It is very very rare for the judge to refuse a bc petition and then usually if you have not taken proper advise,which you have.

If you give us a rough idea of
Your debt
Your income
How many in the household(ages would help to)
Household bills=rent,gas,elect,CT ect
We could see if there would be likelyhood of any IPA being imposed.

Remember allowances during bc are much more generous than on a DMP.
As far as your car is conerned you many not loose it. It would depend on many thing like if you need it for work,value ect.

Don't loose heart we can help with all your questions and help you through the whole process.

Dx

fiveyearplan

Hi Raradel and welcome. BR is a scary thing but we have all survived it and I don't think there is anyone on here who regrets their decision.

MammaCas

Good morning

When I was first advised that BR was my 'best' option (by a poster on the DFW board) I was horrified and absolutely certain that 'it wouldn't come to that'. I took me 2 further months of struggling, feeling sick, shaking when the phone rang, having no sleep to ring CCCS. I sobbed as I put the phone down to them. But the decision was made.

And that, by far, was the worst part of BR - making the decision, realising that there was really no other option.

Yes, the court appearance was nerve racking (but nowhere near as bad as I thought) and on the lead up to the OR interview I was a bag of nerves (but again, nowhere near as bad as I imagined).

And now - I can sleep at night. I look forward to the post. I know EXACTLY how much money is coming in and going out and I can concentrate on my family. Yes, I felt terribly guilty and ashamed. Yes, I will struggle to ever get a mortgage again (am 40!) but NO I wouldn't change a thing.

I hope this helps

MC xx

fiveyearplan

Like Mammacas - when I was told I was insolvent by CCCS I was horrified! Moi, insolvent, I think you must be making some mistake, can't be, do you know who I am?

raradel

Thank you so much everyone who have taken the time to reply to me - starting to feel a glimmer of hope. Think I am just terrified that whoever it is (judge) that decides on my bankruptcy will not understand how I got into such a mess (I dont myself) and I will still have to pay all the money back.
I owe £32,000. After the birth of my second child in Oct 2007 my husband I decided that I wouldnt return to work as I wouldnt earn enough to cover childcare and (to cut a long story short) my husbands health was suffering as he was only having 4-5 hours sleep a night when we were both working in order to look after the children whilst I worked (being a hgv driver this was not safe). He now earns enough to pay all our bills and our priority payments (rent etc) up to date.
I basically earn nothing other than child benefit (£120 a month) and tax credits (£128).
This would basically pay
1 weeks rent - contribution (partner pays rest) = £97
clothing (for children only) = £15 per month
daughters school dinners = £36 per month

dalip

Raradel From what you have said you have no poblems. The judge see's it day in day out. As i said earlier the only time a judge has been known to POSTPONE bc is when someone has not taken advice from such places as CAB,CCCS and NDL so you will be fine.D

fiveyearplan

If you read enough threads on here you will be surprised to hear how many people say how 'lovely' the judge was and that he wished them well, luck, fresh start etc. Anyway whatever judge you get (you may not even have to see a judge depending on your court - I didn't) you will probably never see them again after your 30 second interlude.

december

I can only echo what other people have said really. I was first told that bankruptcy would be the only realistic way out in May 2007. For a year I made token payments and plodded on getting more and more stressed. I was made bankrupt at the end of May this year and boy how my life has changed.

When I was told in May 2007 that it would be my only way out I felt like a failure and didn't want to admit that it was my only way out. I was determined I wanted to pay back the money I owed, but my creditors didn't want token payments, they wanted it all back NOW. If they had been more patient then I would have repaid it all back but the stress of the calls and the letters really got to me. Now the only letters I get are for the bills that I pay via direct debit and occasionally freebies. Life is a lot simpler and a less stressful! The feelings of shame and guilt have faded, life goes on

December