Advice regards reasons for bankruptcy

oohitsproperbo

Hi all

Just filling in the last bit of my forms and wondered whether what i written below is sufficient for the reasons for bankruptcy section?

Please feel free to criticise as necessary, my mind is blank.

"It is with great regret that I find myself in the position of having to petition for bankruptcy. I have £67,000 worth of debt and no ability to pay my creditors.
Over the last 2 years my personal debt has become a major problem. I work in the construction industry which has been badly hit by the recession. Until February this year I had never missed a payment to any of my creditors however in February my income dropped by around 30% compared to what I was earning a year ago.
I have tried to negotiate with my creditors however the majority are continuing to add interest and fees and others are demanding payment of outstanding balances in full.
I have taken advice from National Debt Line who have discussed all of my options and consider that after the advice received from them and careful thought that bankruptcy is the best option for myself.
I obtained my first credit cards in 1997 when I was 20 years old to pay for a holiday, these were from Natwest and American Express.
In 2001 I returned to university and obtained a student overdraft of £2000 with HSBC, this was used for general living expenses. Whilst at university I also obtained a Barclaycard.
Since graduating I have continued to borrow further amounts mostly to be used on general living expenses, home improvements etc.
In 2008 i took out a loan with Direct Line to consolidate some of my debt and this appeared to have helped ease my situation.
Due to my current level of income however I am unable to meet the payments required by my creditors."

oohitsproperbo

ignore that one folks its gibberish, I'm going to re-write.

script

I think its very good.

If it were me I would have stopped after "the best option" paragraph.

(You could say something like the "best option for me and my creditors" - to indicate that you are petitioning for everyones benefit - I'm doing that on my B/R papers so that the OR at least sees that I am trying to sort out my debts but also to save the creditors the costs of chasing me for money that I just don't have - with the reasons why I don't have it).

I don't think you need to backtrack on the creditors - because you've already explained this on section 4.

Good luck with everything, I'm sure it'll such a relief to have all the debts all handled.

oohitsproperbo

Thanks script

tigerfeet2006

Check out this thread

http://forums.moneysavingexpert.com/showthread.html?p=23555767&posted=1#post23555767

angels01

I kept my reasons to bare minimum. Just four typed lines. Kept it simple and to the point.

Don't know if it has changed much though since as i'm talking 4 years ago now.

The judge must have looked how much of a wreck I was in front of him and just signed them off.