Bankruptcy Hearing - UPDATE - I'm bankrupt!!! and bootsales :)

bluezone · 24 July 2006 at 12:09PM

Hi there everyone,

Just thought I would let you all know that I am now officially bankrupt

and what a relief.

I went in to the court with my dad and was met with a lady who went through my forms to check I had filled them in correctly and then I was whisked up to a court room infront of a judge where he asked if I knew the consequences of going bankrupt. Then I went back downstairs and had to wait in a room for the OR phonecall to be put through (it was like playing deal or no deal :rotfl:), anyway after a chat with them, I had my court order given to me and off I've gone. A good point was that in my account was approx £130 and the OR told me that as I would be needing that for personal use until I got a new bank account set up and it was less than £250 then I should go and withdraw as much as I could! - Which I have now done before they notify the bank. In a few days time I should get a phonecall arranging a proper interview with the OR to discuss my creditors a bit more but for now I just wait.

I know to some people that this is an easy option but to me its a life saver. After they added on my debt to my solicitor from the divorce so far - my debt actually came to nearly £80K :eek:

I feel as if a weight has been lifted from my shoulders and I can start a fresh. I will still try to give unbiased advice to people on this site to hopefully prevent them getting to the state I ended up in.

And another good note - its my birthday in 2 days

Bluezone x

Tr@cker · 24 July 2006 at 12:18PM

How long before you're discharged and can get a proper bank account again ? Also what would you recommend for 25k debt ? IVA?

dancingfairy · 24 July 2006 at 12:19PM

Bankruptcy is NOT an easy option, but in some cases it is the only sensible solution. I hope that now you have done it you can rebuild your life. Good Luck

Willsnarf1983 · 24 July 2006 at 12:21PM

congrats

The differance between you and most bankrupts is that you have actually tried paying the debt of and ultimatly came to the decision that it was to much. I hope things are gonna stay good for you and

happy birthday...21 again is it?

Will

lazy&indebt · 24 July 2006 at 12:24PM

I agree with that - it's not a decision to be taken lightly and it looks as if you have thought it through first.
Congratulations - I'm glad you feel relief and hope you will enjoy your birthday

PeachPickle · 24 July 2006 at 12:29PM

I'm pleased it went ok for you

isgman · 24 July 2006 at 12:34PM

Glad to learn all went well at Court, Happy Birthday for Wed.. Good luck

bluezone · 24 July 2006 at 12:45PM

Tr&#64 wrote: »

How long before you're discharged and can get a proper bank account again ? Also what would you recommend for 25k debt ? IVA?

Its normally a year before you're discharged - unless the OR decides to do it sooner. Once you have been discharged you can get a relatively normal bank account - although dont quote me on that!

£25K debt - I would suggest you post your SOA first to see if you can cut down anywhere first, and then contact Payplan as they are free and very very very helpful, they will then say what they recommend. Personally if you have some free cash - I would do the IVA route, this is what I wanted to do but didnt have the money spare and ex wouldnt allow me to sell up but now he has no choice!

I hope this helps

Bluezone x

bluezone · 24 July 2006 at 12:46PM

Willsnarf1983 wrote:

congrats

The differance between you and most bankrupts is that you have actually tried paying the debt of and ultimatly came to the decision that it was to much. I hope things are gonna stay good for you and

happy birthday...21 again is it?

Will

I dont mind to admit that I will be 27 !

angelface · 24 July 2006 at 12:46PM

I did this four years ago and last year I had a bit of a party when I was discharged. Today I am looking at mortgages and although I'll pay a bit more I just never thought the day would come. i spent three years attempting to pay the financial institutions and the judge recommended that my monthly payments be - NIL as I could hand the proof over that I'd made every attempt, through CCCS to reduce the debt without bankruptcy. The best thing was the feeling of it being over and done with and I can honestly say I've never looked back since (I've also never got credit since!)

Good luck with the future!