Has anyone regretted going Bankrupt

MichMoor

Sure this one has come up before.

I have been to CCCS and CAB, but still its a big decision and one that cannot be undone.

Has anyone regretted going BR?

philnicandamy

regretted?....at first yeah took a while to decide what to do

nearly 4yrs since down the line? best thing I ever did

dojoman

With hindsight, in a word NO.

MicheH

I'll never regret going bankrupt. Both DH and I had to do it, we lost our home but 18 months on quite fine with real dreams and being proactive about our future.

There's a period where it hits you hard but you do get over it. All that is behind me now and I'm greatful for the fall on my behind quite frankly.

If you're anything like me they'll be a period of 8 months where you hate the very fact that you're BR, that you've 'done this to your life' that you've failed but you really do get over that. I'm not ashamed I was BR and I'm quite open about it now. The way you have to look at it is it's a debt solution for want of a better word. If you haven't the money, you just haven't the money.

Bankruptcy crippled me but it's made me too

sugarbabe-47

same as Phil, I regretted it at first, and 2 years down the line for me and I have got to agree it was the BEST thing I had ever done!!
I wished I had done it sooner rather than struggling for as long as I did,sometimes with no heating and food !!!! but the relief outweighs the negatives Its difficult at first adjusting to having no available credit, I panicked when my washer broke down and couldnt afford a new one- I managed to save up myself and get a new one-took a couple of months but I DID IT!! Its a whole new way of life, financially anyway. Mentally is was good for me too Good luck in whatever you decide.
Sugar x

milothewestie

me too didnt regret it for a moment although lost a flat,but kept my family home lost a big tax debt which i didnt think i owed but came out rosey not so sure i would be able to do it under these new rules though

MichMoor

I feel like a failure now to be honest, aged 41 and lost most things I own and a failure, marriage breakdown, left with debt about to lose home, have somewhere to go tho, thank god for my family.

Starting to think it would be a chance to draw a line under whats happend and start the process to re-build my life!

merlin10

I am seriously considering going bankrupt. First problem though is that I do not have enough money to do it

I would like to know how you are affected financially, do they give you enough of a living allowance, do they dock it off your pay or do you just get what is left over after they have torn through it?

My greatest fear though is that how broke do you have to be in order to be declared bankrupt?

MichMoor

I think you have to be insolvent, ie more going out then coming in, I have been to a debt advisor and charity would suggest you do the same, the main one being CCCS, Debtline and Citizens Advice.
The recent rule change means you have so much for essentials, rent, food etc and £20 for anything else, not easy but at least you will be debt free and the IPA will only last 3 years, not forever.
Someone pls correct me if I am wrong!

jedi82

Hi Mich,

I don't regret it but it does come with a whole range of emotions. I am at a very low point at the mo (went BR in Aug) and am struggling to keep things together BUT I also know I will come out of this and things will get better. I think back to christmas last year and I was working out how much I had left on each credit card to afford food and me and my husband were constantly arguing about money as I hadn't told him the extent of our debt. This christmas is so much better, me and my husband are on the same page and now always will be, I am not scared of the phone anymore and because of this I do not regret gong BR.

Hope you make the right desision for you. You are not a failure, BR is a way of life these days and sometimes it has to be done. You will get through it and hopefully it will make us all stronger.

Jedi x

sugarbabe-47

MichMoor wrote: »

I feel like a failure now to be honest, aged 41 and lost most things I own and a failure, marriage breakdown, left with debt about to lose home, have somewhere to go tho, thank god for my family.

Starting to think it would be a chance to draw a line under whats happend and start the process to re-build my life!

oh Mich I hear you, I felt a failure at the time just like you do at this moment in time - hugs to you
I was 48 at the time, I lost my marriage first then tried to continue on my own with finances, couldnt do it, worked over 80+ hours a week and C.A.B. finally talked me into going B/R. I had put it off for 3 years:eek: but am so glad to have done it. At a time when things are not too good in your life we all feel a failure, but hey you havent committed a murder - please try not to be so hard on yourself and thank goodness for your family.
Take care of you and we are all here for you