OMG! Ive just been advised to go bankrupt. Should I??

Shell_S

Ive just spoken to the lovely people at CCCS and Ive been advised with my debts to go down to brankrupty route and I am scared, upset, confused and not sure if its something I should do but in another way dont think I have any other options.

My debts mount up to £14600 and Ill never pay them off in a lifetime.

Ive been off work since Ocotber and as only being paid SSP my debts have been number two and me number one so Ive not been able to keep on top of them as much as I did when I was well and working full time.

Im 27 and the thought of going brankrupt is terryfying.

Anyone here done it and thought it was scary but was the best thing ever?

Im in a state what do i do? PLEASE ADVICE NEEDED

debtinfo

hi shell S just a couple of questions, do you have any assets, a house, car, pension, lifepolicy etc

Have you discussed the other options and do you fully understand them.

Very few people think it was the best thing ever but most people here have been through bankruptcy and thought it was necessary and not as bad as they thought

IF

Hello Shell, Well done for seeking advice. It was a mixture of both for me, but with all the help from here I knew it was the right thing to do.
So no being frightened, we will help you through it as will CCCS.

Best wishes
If...x

dojoman

Hi Shell, the feelings you are experiencing are quite normal, just follow the advice of debtinfo and you will be fine.

Shell_S

debtinfo wrote: »

hi shell S just a couple of questions, do you have any assets, a house, car, pension, lifepolicy etc

Have you discussed the other options and do you fully understand them.

Very few people think it was the best thing ever but most people here have been through bankruptcy and thought it was necessary and not as bad as they thought

I have a car worth about £3000 and a house with my ex where he is living. We owe £117 on the mortgage and the house has been valued by an estate agents for £120 so by the time everything else has been paid the solicitor fees, estate agents fee's etc Ill have next to nothing left in the house in fact nothing.

I just dont know what to do. Brankrupt at 27 sounds so final the end it could affect the rest of my entire life.

Id feel like an alcoholic or something, 'my names michelle and Im brankrupt' there seems to be such a stigma with it there seems to be so many limitations when brankrupt.

What to do? What to do?

sizzler

hi there.

emotions are very normall.

If you are unsure about what to do seek a second opinion from the CAB before making your decision.

sizzler:)

ontheroad_2

Shell_S wrote: »

I just dont know what to do. Brankrupt at 27 sounds so final the end it could affect the rest of my entire life.

Id feel like an alcoholic or something, 'my names michelle and Im brankrupt' there seems to be such a stigma with it there seems to be so many limitations when brankrupt.

What to do? What to do?

Put the kettle on, make yourself a cuppa, and take some time to read through some threads on this forum. Hopefully they will go some way to reassure you that you're not the only one in a similar position, you're not on your own, and there is life after debt.

When I got my advice from CCCS, and they advised bankruptcy, there in black and white, my immediate reaction was "no way". But then I found this forum, and realised that for us, as it was either IVA or bankruptcy, bankruptcy really is the right thing for us as a family.

Its not going to be the end of the world (yours or anyone elses) if you do decide that bankruptcy is the right option for you. You do have other options though, which you should look into, along with bankruptcy.

If nothing else, know that you can always come here to have a sound off/ask questions/have a rant, and you will get great advice, from folk who've been there and done it (or are going through it with you).

RecoveringAlcoholic

Id feel like an alcoholic or something, 'my names michelle and Im brankrupt' there seems to be such a stigma with it there seems to be so many limitations when brankrupt.

You are a casualty of the worst recession in decades.


.

stevemarsh1976

Hi Michelle

Lets turn this the other way around and look at it in a different way. Your ONLY 27 and have the rest of your life to look forward to and you can do this in a debt free way by taking the advices youve been given. Im not saying its a light decision but there is posative slant on it.

This forrum will help you massively and is a great place of advice and even comfort. Take some big ddep breathes read some of the info especially the stickies at the top and you will probably realise its not all doom and gloom

as for the stigma, ive found that the friends willing to support me are my true friends and anyone else well i care little about what they think..