Has anyone regretted going Bankrupt

sugarbabe-47

merlin10 wrote: »

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?

Hi Merlin
I didnt have enough money to go B/R - its ironic isnt it? But with the help of C.A.B. they managed to get my fees paid for me by the Water Company, I will post you details when I get home tonight.
Before anyone can go B/R you MUST first take advise from C.A.B or CCCS. And you have MORE of a living allowance than you did before because some expenses we wouldnt think of!!
Every one here knows its a rollercoaster of emotions, but it is onwards and upwards from the day the Court/Judge stamp your paperwork.

Troythecat

we are in the process of BR.
We are in Scotland and the rules I think are a bit different south of the border. Hubby tried for trust deed through the insolvency company but 2 objections meant they will have to go down sequestration route which won't affect him as he will still pay the company £200 per month for 3 years although will be classed as BR.
I will get my portion of the debt as a lila BR as I am on incapacity benefit, but only when this house (which we are in the process of moving out of) and will voluntarily hand back the keys to lender (long story and negative equity). When it is sold on and we sign the discharge, I will be BR too.

We wish we had got the ball rolling sooner rather than struggle too. Hubby a builder and recession finished us. We have been married 25 years soon and not much to show for it other than 3 great kids, despite paying a mortgage all that time.

I already know we won't regret it for one minute.
In the midst of this I have had major surgery and treatment and will start more tretament soon as a monitored melanoma patient . After this we know all that is important in life...I dont care if I can have debt or own a house (neither does hubby), I just want to keep healthy (and my family too of course)

alastairq

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

That's good...because that's what BR enables one to do.

The 'problem' with BR as I see it, lies with a reluctance to 'let go' of the social and economic ethos which underpinned our lives up to that point.

The more we try to hang on to what we see as essentials for a happier, better life.....the harder the BR solution will become.

But..in reality, where have those ideas...of what constitutes 'essentials', come from?

Peer pressures?
Social pressures?
Political pressures?

All aimed at insinuating us into an economic system whereby we are part of a self-feeding set-up.

Long ago I realised the banks and financial institutions were only going to be happy if every single penny I earned was to transfer straight into their coffers....in return for........what?

oh..so I can 'hold my head up in polite society' as a house owner? [I wasn't really...the mortgages meant I didn't actually 'own' those houses.......were responsible for paying for their maintenance and upkeep though.....]

And what about that 'nice car' in the driveway? Says much about our social and financial standing, does it not?

Or the sunny holidays two or three times a year? Much needed rewards for our efforts??

really..the whole shebang is so incredibly shallow, it defies belief!


Then..when everything goes wrong, and debt becomes DEBT....we are 'made' to feel like failures....we've failed in our so-called lifetime goals....

gosh, we as a society are so under the influence, it beggars belief.

Did the directors of Rover feel like 'failures' when the company went belly-up?

Could they give a tinker's cuss for all those who would lose employment, pensions, and indeed, 'social status?'

I bet not!

Yet. we as BR's are expected to feel the shadow of failure....or is it somehow different due to the scale of the matter?

For me, to make a success out of my BR, required a total rejection of these ideas.....a return to basics.

For me..if I actually have to undergo one of those ridiculous 'credit checks' in order to acquire a service or goods.....then I seriously question my actual 'need' for those services or goods.

I rent a house.

I like it here..as does my son.

If I were to move, I expect to have to undergo a 'credit check', I know...but equally, I am likely to place a future landlord under the same sort of scrutiny....after all, how do I know in advance, whether that landlord is going to honour their side of the deal?

After all, it's my money they're after.....


BR can be seen as the 'best move anybody ever makes'.....

It does [or should do] make us realise exactly what is of real importance in our lives.

A roof over our heads? Food in our bellys?.........a quality of life which isn't reliant on material things.....

yep, we BR's are really the 'enemies' of society, because we have 'dared' to reject all that our society tells us we need...

debt, credit, call it want you will....

If a person feels they need 'credit' to live, then BR will be a nightmare.

If you ask..''is that really important?'.....and the answer is 'no'..then BR is indeed the doorway to a whole new start in life.

Pee

My boyfriend went bankrupt during the time I have known him, but not whilst we have been together.

He certainly regrets it, feels bad when there are conversations about serial bankrupts and hates anyone to know about it. He certainly wishes that he hadn't had to. But that is the rub, he did have to and probably the situation is that you have to. It's not an easy decision. He still doesn't have a bank account, partly because of how he was treated.

He really didn't have any other option, but if your alternative is years of paying off debt without getting anywhere, then I am not sure that you do either.

I have another friend who went bankrupt and went from being a !!!!less lad to a mature and sensible family man I think from the pure relief of having a fresh start.

Pee

I didn't realise !!!!less meaning being overly casual about everything and lacking responsibility was a swear word.

the_bright_side

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!

I may be facing BR for the second time in my life, 1st when I was 26, now when I'm nearly 41.

After the 1st time I said I would never get myself in a similar situation, however 14 years on I’m facing BR again (business failed due to unpaid invoices / cancelled contracts from clients). I am gutted especially after I worked so hard after the 1st one to get sorted again, however I will recover. I am sometimes worried and can get depressed however at 41 I see I have time to recover after drawing another big line under things, however I echo Alistairq's sentiments, I wont ever buy a house again!

This BR has made me realise there are things that credit / money can’t buy, my health, my family, my sanity and my Porsche (forget the Porsche that was repossessed) and my sense of humour!:beer:

emsybaby

was discharged august 2010, best thing i ever did. went br for 30k which i would never have been able to pay back.
go for it

RecoveringAlcoholic

And the fat cats just get fatter.

God grant me the serenity
to accept the things I cannot change;
courage to change the things I can;
and wisdom to know the difference.

.

sugarbabe-47

alastairq wrote: »

That's good...because that's what BR enables one to do.

Very true!

Then..when everything goes wrong, and debt becomes DEBT....we are 'made' to feel like failures....we've failed in our so-called lifetime goals....

Here here!!


For me, to make a success out of my BR, required a total rejection of these ideas.....a return to basics. Never a truer word said!

For me..if I actually have to undergo one of those ridiculous 'credit checks' in order to acquire a service or goods.....then I seriously question my actual 'need' for those services or goods.Ditto!!

I rent a house. Ditto

I like it here.Ditto - been here 20 years:)



BR can be seen as the 'best move anybody ever makes'.....True

It does [or should do] make us realise exactly what is of real importance in our lives. Yup!

A roof over our heads? Food in our bellys?.........a quality of life which isn't reliant on material things.....Yes!


If a person feels they need 'credit' to live, then BR will be a nightmare.Indeed!

If you ask..''is that really important?'.....and the answer is 'no'..then BR is indeed the doorway to a whole new start in life.

Couldnt agree more Alistairq WELL SAID

Troythecat

alastairq wrote: »

That's good...because that's what BR enables one to do.

The 'problem' with BR as I see it, lies with a reluctance to 'let go' of the social and economic ethos which underpinned our lives up to that point.

The more we try to hang on to what we see as essentials for a happier, better life.....the harder the BR solution will become.

But..in reality, where have those ideas...of what constitutes 'essentials', come from?

Peer pressures?
Social pressures?
Political pressures?


All aimed at insinuating us into an economic system whereby we are part of a self-feeding set-up.

Long ago I realised the banks and financial institutions were only going to be happy if every single penny I earned was to transfer straight into their coffers....in return for........what?

oh..so I can 'hold my head up in polite society' as a house owner? [I wasn't really...the mortgages meant I didn't actually 'own' those houses.......were responsible for paying for their maintenance and upkeep though.....]

And what about that 'nice car' in the driveway? Says much about our social and financial standing, does it not?

Or the sunny holidays two or three times a year? Much needed rewards for our efforts??

really..the whole shebang is so incredibly shallow, it defies belief!


Then..when everything goes wrong, and debt becomes DEBT....we are 'made' to feel like failures....we've failed in our so-called lifetime goals....

gosh, we as a society are so under the influence, it beggars belief.

Did the directors of Rover feel like 'failures' when the company went belly-up?

Could they give a tinker's cuss for all those who would lose employment, pensions, and indeed, 'social status?'

I bet not!

Yet. we as BR's are expected to feel the shadow of failure....or is it somehow different due to the scale of the matter?

For me, to make a success out of my BR, required a total rejection of these ideas.....a return to basics.

For me..if I actually have to undergo one of those ridiculous 'credit checks' in order to acquire a service or goods.....then I seriously question my actual 'need' for those services or goods.

I rent a house.

I like it here..as does my son.

If I were to move, I expect to have to undergo a 'credit check', I know...but equally, I am likely to place a future landlord under the same sort of scrutiny....after all, how do I know in advance, whether that landlord is going to honour their side of the deal?

After all, it's my money they're after.....


BR can be seen as the 'best move anybody ever makes'.....

It does [or should do] make us realise exactly what is of real importance in our lives.

A roof over our heads? Food in our bellys?.........a quality of life which isn't reliant on material things.....

yep, we BR's are really the 'enemies' of society, because we have 'dared' to reject all that our society tells us we need...

debt, credit, call it want you will....

If a person feels they need 'credit' to live, then BR will be a nightmare.

If you ask..''is that really important?'.....and the answer is 'no'..then BR is indeed the doorway to a whole new start in life.

Very well said! you are 100% correct in what you say.
We tried for 2.5 years, dropped our house price 50k, accommodated 50 plus viewings (house only 5 years old). Hubby tried to talk the Building Society into keeping us on long term "interest only" but their reply? we have kept you on that long enough! they were not interested.

So now, rather than keep trying to sell in a hopeless market, or to somebody who would want everything thrown in for the price i.e. carpets, shed, light fittings, curtains and poles, you name it...We are removing everything that belongs to us and handing them back their keys to sell themselves. Arent't they are big part of the reason we are in this state?

We really tried hard, but time to move on.

Go for it.