Think I'm finally going bankrupt! Gambling ! Can't cope!

brighter_side_of_life

Hi there :hello:

Well done on taking the first step. The CAB will certainly help you and offer some good independent advice. Let us know how you get on when you go on Monday.

Yes, its a scary step and never easy. You will have highs and lows but hopefully more highs as you get things back under control - thats a good feeling and a good and positive place to be.

At 23 you will be debt free and plenty of time left to rebuild your life - so just think of the bright sunny future ahead of you.

Sleep well tonight, knowing that you are taking ownership of your problems and getting your life back on track.

Good luck and hugs to you.

in_a_mess_4

tigerfeet2006 wrote: »

If you can answer a couple of questions for me I would be greatful.

As you have been gambling you may get a BRO/U. A BRO/U will extend the restrictions of BR from 2 to 15 years. You will still be discharged with in 12 months.

This is from the Bankruptcy Help sticky


Bankruptcy Restriction Undertakings / Orders.

• Bankruptcy Restrictions Orders (IS)
• FAQ - Bankruptcy Restriction Orders / Undertaking ( BRO/BRU ) (IS)

I suggest you read through the sticky over the weekend as there is a lot of useful links in there. Also read as much on the boards as yuo can and ask about anything you don't understand.

Hi thanks for the info, I will look through it. Will I def get my BR extended then? I can understand why though, just would like to think I could look to get a mortage before 30.

The council tax has the 25% discount but i am in arrears with them and this is the lowest amount they will acept and if i dont adhere to it they wil go for detachment of earnings.

The water rates is due to arrears as I simply cant afford to pay all my bills every month, everymonth something has to give.

I havent put clothing in there as i didnt know if they would accept, even though it is essential.

Thankyou for the advice on the petrol, I wil start saving receipts this week, this is how much it costs me to get to work and back.

in_a_mess_4

brighter_side_of_life wrote: »

Hi there :hello:

Well done on taking the first step. The CAB will certainly help you and offer some good independent advice. Let us know how you get on when you go on Monday.

Yes, its a scary step and never easy. You will have highs and lows but hopefully more highs as you get things back under control - thats a good feeling and a good and positive place to be.

At 23 you will be debt free and plenty of time left to rebuild your life - so just think of the bright sunny future ahead of you.

Sleep well tonight, knowing that you are taking ownership of your problems and getting your life back on track.

Good luck and hugs to you.

Thankyou for the lovely message. I am hoping that if i do something now at 23 i can get my life back on track by the time I'm 30, there is stil time for me I suupse when i think about i, I just wished I had done something about it at 20 before i started gambling and maybe it wouldnt have been as ad and the gambling wouldnt have effected bankruptcy.

xx

in_a_mess_4

Does anyone know what will happen after my BR if i ever earn a bonus at work as I am assuming next year I should earn something. My basic wage is 1140 after tax and the bonus is not guaranteed but i will earn something, like in decembers pay, i should fetch home after tax £1500 which i am saving my BR fee out of

fiveyearplan

If you earn a bonus once you are bankrupt your will need to inform the OR and he may/may not let you keep it, its up to him.

ohmyneil

Don't worry about it. I am 26 and have just been made bankrupt. I wish I had taken action at your age. Don't get me wrong, it is a massive decision, and not one you should take lightly, but the process is a walk in the park if you do decide that it is the right way to go. Use this board, and don't be scared! Promise - it will be all be OK!

debtinfo

in_a_mess wrote: »

Hi thanks for the info, I will look through it. Will I def get my BR extended then? I can understand why though, just would like to think I could look to get a mortage before 30.

The council tax has the 25% discount but i am in arrears with them and this is the lowest amount they will acept and if i dont adhere to it they wil go for detachment of earnings.

The water rates is due to arrears as I simply cant afford to pay all my bills every month, everymonth something has to give.

I havent put clothing in there as i didnt know if they would accept, even though it is essential.

Thankyou for the advice on the petrol, I wil start saving receipts this week, this is how much it costs me to get to work and back.

Nothing is defo in bankruptcy, it is down to the OR who looks at the case. The BRO is a set of restrictions it is not the same as extending the bankruptcy which will still end after 1 year. the reason this is important is that after the end of the year (when you are discharged) if you receive any lump sums such as winning the lottery you would be allowed to keep it even though you are still subject to some restrictions.

when considering a BRO the OR will look at the total debt, the total lost to gambling and how much of that was lost over the last two years

in_a_mess_4

Can I ask what the step by step procedure is for bankruptcy??? The CAB did tell me back in June but i was suffering from bad depression and anxiety so i wasn't with it.

I do still have the bankruptcy forms which i am going to start filling in and i am going to be honest and upfront about gambling.

Do i also need to mention mental health issues and getting counselling? The depresion has def had a massive impact on wreckless spending as i used to go out and buy lots of rubbish, clothes etc and booked a few hols on impulse. It is def not an excuse but i was never thinking straight.

Didn't know if to leave it or mention it

kerrypn

Hi

There is a section on the SOA for why you went bankrupt-you should list all the contributing factors there.

HTH

in_a_mess_4

kerrypn wrote: »

Hi

There is a section on the SOA for why you went bankrupt-you should list all the contributing factors there.

HTH

Hi sorry im new to posting on here, dont do it very often so can you explain what you mean here.

sorry for sounding thick x