bankruptcy at 27 years of age

msmicawber

Thanks, Martyn, I couldn't get the picture of David Hasselhof out of my head - what a plonker I am! :rotfl:

rog2

Whilst Bakruptcy would prevent you from becoming a Director of a Limited Company, I do not see anything that would prevent you from working on a self-employed basis - eg consultancy etc.
Where you will find big problems will be in funding as very few lenders will touch you, and you are likely to need funding until your business is established.
My thoughts are erring towards the reason for considering bankruptcy in the first place: Are your debts really that unmanageable? There are plenty of us attempting to manage larger debts. Also, could you start your business on a part-time basis, at least until it starts to generate sufficient funds to allow you to take it on full-time?

Broken_hearted

The way I read the post was she is bored with her job and wants to do something else. They have dreams of having a business in their chosen field, but fail to see how hard it will be. I think they are a bit immature in their outlook and would be better off trying to sort themselves out first.

misscampbell

Broken_hearted wrote:

The way I read the post was she is bored with her job and wants to do something else. They have dreams of having a business in their chosen field, but fail to see how hard it will be. I think they are a bit immature in their outlook and would be better off trying to sort themselves out first.

I am very new to this site. The person above has posted 2 messages and both have been negative. Is this the "help" you give? Some people are very quick to judge, this person has have managed to depress me all day.

A big thank you to all the positive people who have posted. I discovered this site and thought it would help my daughter who is visiting me this weekend. I am so glad she has gone back to London without seeing some of the "it is your own fault, get on with it" quotes. I will forward the helpful posts. Once again thank you. As her mother I am very worried about her situation so I value any practical postive help.
kind regards
Jane

rog2

misscampbell wrote:

I am very new to this site. The person above has posted 2 messages and both have been negative. Is this the "help" you give? Some people are very quick to judge, this person has have managed to depress me all day.
Jane

By the very nature of the forum - open to all - there will always be conflicting views on everyone's situation. No one person can expect to be right, and sometimes opinions can be misiterpreted.
That said, I think you will find that the majority of us try to look at all situations from a sympathetic viewpoint as Martin says 'We are not here to pass judgement.'
Good luck and I hope you find a solution to your dilemma.
Rog2

lynzpower

Im sorry that you have found repsonses negative. I must admit I found some of my early res;onses negative whne they gave me the hard line and not the "easy" option. ( not that Im saying bankrupcy is of course)

Many of us are paying off our debts , we even have a few on here owing more than 100k, and they are paying it off.

Your daughter will of course have great trouble running any kind of business that requires financil investment as a bankrupt. she may also not be able to be able to run the compnay altogether.

If she wishes to be in a positive position, there are a great deal of options she can pursue, here we are all in favour of paying it back, unless it is literally impossible. I suggests she posts her SOA and lets have a look what is possible and what is not.

Broken_hearted

I'm sorry if you find it negative. I'd rather you dislike me now than end up in a complete mess later. I never mean to be harsh and tone doesn't come accross right in written form.
Everyone has to go through a lightbulb moment to understand where they are going wrong. Life is hard, we all have dreams but there is no quick solution to getting them.

misscampbell

lynzpower wrote:

Im sorry that you have found repsonses negative. I must admit I found some of my early res;onses negative whne they gave me the hard line and not the "easy" option. ( not that Im saying bankrupcy is of course)

Many of us are paying off our debts , we even have a few on here owing more than 100k, and they are paying it off.

Your daughter will of course have great trouble running any kind of business that requires financil investment as a bankrupt. she may also not be able to be able to run the compnay altogether.

If she wishes to be in a positive position, there are a great deal of options she can pursue, here we are all in favour of paying it back, unless it is literally impossible. I suggests she posts her SOA and lets have a look what is possible and what is not.

Thank you for your advice it is very kind of you.
My daughter has a credit card debt of £20K (this was over 5 years of University) plus a student loan of £7K (this is sitting in the background until she earns the appropriate amount to start repaying, so no worries there).
I think what is wearing her down is the fact that her job/interests are all in London. Her business partner is based there and London is the best place for her to be for her business BUT it is the most expensive place to be.
She has a job for a year which will just about clear the rent/food/travel and give her time to work with her business partner. She has very little money to pay off her credit cards/overdraft and I think is at the point of no light at the end of the tunnel.She does not need money for a start up etc it is a very low investment business. So the idea that she has to borrow vast amounts as a Bankrupt will not happen. But like anything else when you have debt worries you cannot think straight, you get stressed, ill...
She has just been to talk to a C.A.B. advisor who has given her some forms/advice which she is going to look at and work through.
I am trying to give her a sense of control and help her not feel blind panic. Hence I found this forum and thought that here were good people who were all trying to help one and other.
Again many thanks for all the good advice I have received so far.
kind regards
Jane

lynzpower

I understand life in london can be expensive, I live here myself. However , it can also be very cheap too, if you forego the cocktial culture. Im not on the best income in fact, Im on Sick leave at the mo, but Ive still managed to pay of over 3k in a few months

There are options, honest.

desmonds

"Announcement: Pls remember Debt-Free Wannabee's for support and help not judgement
11-09-2006 MSE Martin (Money Saving Expert) "


Desmonds