Please help me or tell me if I am doing the right thing

philnicandamy

No you wouldnt & nobody will come to your house & go through your bits & bobs....the receiver once bankrupt will only be interested in assets that can reach AT LEAST £1,000 in auction...personal belongings wont be touched...cars however are a different thing

ParisGirl111

Have you considered settlement rather than bankruptcy? This may be a better option. You want to use bankruptcy as a LAST resort to this type of situation. Also, how old are the debts becasue they be written off of your credit report very soon anyway.

philnicandamy

Paris if you look at post #4 its already been discussed.....if the CAB suggest bankruptcy then its more or less the last option.

I must be missing something somewhere...cant see a date on debts anywhere...debts never are truly written off credit files...they dissapear after 6yrs in bankruptcy they'll be edited to show settled or partial settled if NOT bankrupt then the debts are sold on & creditors chase till they find someone

Feeling_worried_2

ParisGirl111 wrote: »

Have you considered settlement rather than bankruptcy? This may be a better option. You want to use bankruptcy as a LAST resort to this type of situation. Also, how old are the debts becasue they be written off of your credit report very soon anyway.

Ive considered settlement , But I can afford very little and the CAB said they will most likely only accept 40-50% of what I owe.

The maximum I can probably get is £2000 and thats nothing on a £30.000 debt

The debt are 4 years old.

IF

Hello, Now you have your meeting on monday with cab which is very good.
Write down all your questions you want answered.
Please don't worry, the cab has advised you to go bankcrupt. So this is the course to take. We are here to help anytime x

dojoman

Please listen to the "old heads" (not a good description I know:o ) on here they have been through what you are experiencing and their advice is solid, every now and then a newbie will try and help but some of their advice is well off the mark and can can be quite misleading!

Sunnylooloo

Wise words Dojo! and the "old heads" have been invaluable to me down the line!!

[Deleted User]

Feeling_worried wrote: »

I was going to start my own business but I am aware I cannot do this if I go bankrupt.

I just wanted to suggest you dig around on this forum and learn as much as you can, it's helping me a lot having also been advised to go bankrupt.
FWIW I just wanted to let you know that as I understand it you can't set up or be part of a 'company' but you can work for yourself as self employed so you may still be able to start your own business.
good luck
lbm

Feeling_worried_2

Ive just added up all my debt and it comes to £33,126

Of which , I dont actually owe the following

3g - £361
Vodafone - £78
Vodafone - £462

The rest of the debt I do owe

I just cant bare the thought of going bankrupt , it just doesnt seem right but I know I have to do it , I really have no other choice.

IF

I know how you feel FW, it's not something any of us wanted to do.
If the CAB advised you, it looks like you have no choice. Please don't worry so, all the stress is not good for you. Tell us how monday goes.

Take care
ifwishes...x