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Slowly goign bankrupt, maybe.

Jimbo4x4
Posts: 14 Forumite
Hi Guys,
i've been reading the forum for a while and i must say you are all so supportive.
I'm in a bit of an odd situation.
I'm 29, have been self employed since i was 21, had a very very succesful business for a few years, and then had a veryvery unsuccesful business for a few years.
Last 12 months have been very very hard both financialy and in my private life.
Had £48k of debt 12 months ago with no real income. Have sold the house (which ended up with me losing my deposit- but at least i don't have the huge mortgaeg payment anymore), sold the car, sold all my assets and repaid £17k about 4 months ago.
So i now owe £31k. I'm not currently earning but i have a little bit of cash to live on. Finding a job at the moment is very veyr hard- being self employed does not as a rule make you an attractive proposition to most employers!
To save more money, and after i got back together with the girlf (having been together 10 years and splitting up 6 months ago), i have now moved in her and her parents.
At the moment bankruptcy is looking very attractive, i don't have any assets any more, i dont' really need credit (i beleive i can always make money from nothing if i need to), BUT a couple of things put me off:
1. I recently repaid £17k of debt whcih will be effectively wasted if i now go bankrupt
2. I am worried that my going bankrupt will effect other people at the address- ie the girlf and her parents!
3. Not sure if i will be able to rent somewhere!
4. uncertain if potential employers will be really put-off by the fact that i am a bakrupt
5. would also like to travel and possibly emigrate and i don't know if bein an undischarged bankrupt will matter!
At the moment i'm in two minds- Either i go bankrupt on my own terms, or i work to pay off all the debt (which may take years) and stop anyone forcing me to go Bankrupt. On this latter point, if someone tries to force me into bankruptcy is there any possibilty that the judge will say no if they see that i have paid a lot of my debts off. I haven't really spent any money on anything over the last 12 months- haev a PAYG mobile for about £10/month, spend £200 on rent with the in laws, that's about it really. Will this count in my favour?
I'm not currently claiming income support of any type- i got myself into this mess it's not really fair for other people to pay for my mistakes!
Early discharge- like many others i guess if i go BR then i would like to get an eary discharge- how commmon are these, and what sort of thing can i do to hurry them along? what holds up early discharges?
Many thanks
Jim
i've been reading the forum for a while and i must say you are all so supportive.
I'm in a bit of an odd situation.
I'm 29, have been self employed since i was 21, had a very very succesful business for a few years, and then had a veryvery unsuccesful business for a few years.
Last 12 months have been very very hard both financialy and in my private life.
Had £48k of debt 12 months ago with no real income. Have sold the house (which ended up with me losing my deposit- but at least i don't have the huge mortgaeg payment anymore), sold the car, sold all my assets and repaid £17k about 4 months ago.
So i now owe £31k. I'm not currently earning but i have a little bit of cash to live on. Finding a job at the moment is very veyr hard- being self employed does not as a rule make you an attractive proposition to most employers!
To save more money, and after i got back together with the girlf (having been together 10 years and splitting up 6 months ago), i have now moved in her and her parents.
At the moment bankruptcy is looking very attractive, i don't have any assets any more, i dont' really need credit (i beleive i can always make money from nothing if i need to), BUT a couple of things put me off:
1. I recently repaid £17k of debt whcih will be effectively wasted if i now go bankrupt
2. I am worried that my going bankrupt will effect other people at the address- ie the girlf and her parents!
3. Not sure if i will be able to rent somewhere!
4. uncertain if potential employers will be really put-off by the fact that i am a bakrupt
5. would also like to travel and possibly emigrate and i don't know if bein an undischarged bankrupt will matter!
At the moment i'm in two minds- Either i go bankrupt on my own terms, or i work to pay off all the debt (which may take years) and stop anyone forcing me to go Bankrupt. On this latter point, if someone tries to force me into bankruptcy is there any possibilty that the judge will say no if they see that i have paid a lot of my debts off. I haven't really spent any money on anything over the last 12 months- haev a PAYG mobile for about £10/month, spend £200 on rent with the in laws, that's about it really. Will this count in my favour?
I'm not currently claiming income support of any type- i got myself into this mess it's not really fair for other people to pay for my mistakes!
Early discharge- like many others i guess if i go BR then i would like to get an eary discharge- how commmon are these, and what sort of thing can i do to hurry them along? what holds up early discharges?
Many thanks
Jim
0
Comments
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Also does the income of my girlf or her parents affect the bankruptcy proceedings at all, i don't see why it should, but i'd be interested to know what you guys think. I used to have a joint mortgage with her, but don't anymore, and she will write to the credit refs to ensure that there is a financial dissasociation applied.0
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Hi Guys,
i've been reading the forum for a while and i must say you are all so supportive.
I'm in a bit of an odd situation.
I'm 29, have been self employed since i was 21, had a very very succesful business for a few years, and then had a veryvery unsuccesful business for a few years.
Last 12 months have been very very hard both financialy and in my private life.
Had £48k of debt 12 months ago with no real income. Have sold the house (which ended up with me losing my deposit- but at least i don't have the huge mortgaeg payment anymore), sold the car, sold all my assets and repaid £17k about 4 months ago.
So i now owe £31k. I'm not currently earning but i have a little bit of cash to live on. Finding a job at the moment is very veyr hard- being self employed does not as a rule make you an attractive proposition to most employers!
To save more money, and after i got back together with the girlf (having been together 10 years and splitting up 6 months ago), i have now moved in her and her parents.
At the moment bankruptcy is looking very attractive, i don't have any assets any more, i dont' really need credit (i beleive i can always make money from nothing if i need to), BUT a couple of things put me off:
1. I recently repaid £17k of debt whcih will be effectively wasted if i now go bankrupt
2. I am worried that my going bankrupt will effect other people at the address- ie the girlf and her parents! Bankruptcy is an individual thing its on a person NOT an address or anyone else (unless you have any financial links to G/F etc)
3. Not sure if i will be able to rent somewhere! Many members have rented places after BR easily some required a guarantor...some members aquired rental places before BR (easier to do) be careful about any bankruptcy clauses though in tenancy agreements
4. uncertain if potential employers will be really put-off by the fact that i am a bakrupt Few jobs where a bankrupt can work mainly in the financial sector (governed by FSA etc) everyone else probably wouldnt care to be honest
5. would also like to travel and possibly emigrate and i don't know if bein an undischarged bankrupt will matter! Nothing stopping you
At the moment i'm in two minds- Either i go bankrupt on my own terms, or i work to pay off all the debt (which may take years) and stop anyone forcing me to go Bankrupt. On this latter point, if someone tries to force me into bankruptcy is there any possibilty that the judge will say no if they see that i have paid a lot of my debts off. I haven't really spent any money on anything over the last 12 months- haev a PAYG mobile for about £10/month, spend £200 on rent with the in laws, that's about it really. Will this count in my favour? would not count for 0 to be honest....most creditors wont go to the hassle of trying to BR you as it costs them too much money, the only people that would are HMRSC council tax and for some reason AMEX...the fact you have made payments ontime & not used credit for sometime means nothing...I was in the same boat myself...
I'm not currently claiming income support of any type- i got myself into this mess it's not really fair for other people to pay for my mistakes!
Early discharge- like many others i guess if i go BR then i would like to get an eary discharge- how commmon are these, and what sort of thing can i do to hurry them along? what holds up early discharges? Early discharge is NEVER a guarantee it goes on the complexity of the case the ORs office workload etc etc NOTHING you can do will hurry anything along..some cases of ED can be shelved due to a busy office...just co operate with the OR send back any paperwork requested on time & who knows you might be lucky but then again you might have to sit out the full 12mnths
Many thanks
Jim
Hope that HelpsWe all die. The goal isn't to live forever, the goal is to create something that will0
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