Bankruptcy facts

Jamese_2

Hi guys,

i am sorry to say that i have put myself in a big mess and am seriously thinking about going bankrupt - i have shamingly gambled away 32-34k worth of debt trying to chase losses.

I feel that this is now the only option - can someone advise me on what i can do? i think i dont deserve to have credit and need to get out of my gambling addiction. when i get stressed and upset i resorted into gambling to pick me up - instead its made me even more in trouble.

i cant pay my minimum repayments and even if i could somehow do that... i would always be in debt for like 20 years.

do my debts get wiped out if i go bankrupt? or do they force me to pay them off over a very long time? im tryin to find out but there is not much info i can find right now -

it would be great to hear from someone who has been in my situation and gone through the process to advise me on what i should do.

thanks in advance

debtinfo

Your debts do get wiped out in bankruptcy, you may have to ake some payments for up to 3 years based on your income (not based on paying a percentage of the debt) they allow for your reasonable expenses then take the rest.

One thing you should note though is that although the bankruptcy will last only one year because of the gambling you may be given further restrictions on things like obtaining credit for between 2 and 15 years as well based on the perceived culpability of your actions. Not tryig to put you off, just it is best to know what to expect before taking an action.

The other part is that if you have not already you need to make sure (regardless of how you deal with your debts) that you get some help with your gambling problem, this will have 2 effects firstly, if you go bankrupt you will be on a budget for a while and need to be able to stick to that budget, secondly it will show some mitigation when they look at your case if you are genuinely taing steps to make sure you dont get in the same sitution again

Hope that helps and feel free to ask any more questions

IF

Hi Jamese and Welcome, First thing make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if your not ‘clicking’ with one of the Debt charities do try another.
Also please contact Gamcare 0845 6000 133 Website:- https://www.gamcare.org.uk as getting help will be looked on favourable with the OR. Amiga’s thread may help you too.

Amiga’s Thread - Click here

For ‘essential’ info this is Fermi’s sticky - Click here

• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111
• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

More Debt charities also on Fermi’s link - Click here


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes
If...x

mandrake75

Jamese - at the start of this year i was in exactly the same situation - huge gambling debts, unable to pay minimum payments etc. Two years earlier i'd gone to the CCCS for advice but crucially i'd buried my head in the sand regarding the gambling.
I was coping with the CCCS and monthly fixed payments to creditors but the gambling (due to depression/no money) was getting worse. I'd stop for a bit then it would build up and i'd blow all my spare money. I couldn't take it anymore.
So, in February i went to Gamblers Anonymous (look up your nearest weekly meting online) and in March i walked into the CAB walk-in centre near where i work, and i haven't looked back since.
They advised me to go for Bankruptcy due to the amount i owed and that one creditor had not stopped any interest at all. I was declared BR a few months ago, and i'm still completely free from gambling since that first meeting
The above is just to show what worked for me and to show it can work - the thought of others going through what i went through in silence for years is a very unhappy one - and i highly recommend Amiga's thread linked to above
Good luck for the future

Trasijocha

Can anybody answer this question please. Do you automatically lose your house if you go bankrupt ? My husband and I have been trying to keep a business afloat in this recession and have maxed out cards trying to meet bills and payments and work is looking so bleak I just cant see that we are going to ever get in control of paying them back.

IF

Hello Trasijocha, I would next time start a new thread as often your question on someone else's thread could get unanswered x

Click on blue links below:-


Your home/property.

• What will happen to my home? (IS) (pdf)
• FAQ - Bankrupt's Home under the Enterprise Act (IS)
• OR's Case Help Manual - Family Home
• If my house is sold sometime after the bankruptcy order is any shortfall on the mortgage still a debt in my bankruptcy?
• Charging orders in the county court - National Debtline factsheet (useful if a creditor is trying for a CO before your bankruptcy)

Best wishes
If...x

Trasijocha

Thank you, the information is really helpful

Gray-Fox

EDITED because wrong thread.