Thinking of bankruptcy

skintfella

Thinking of bankruptcy – is it all that bad


Hi, recently I have been thinking of filing for bankruptcy. I have been struggling with debt since 2005 and now I can no longer keep up with the bills.

I was unemployed since 2005 but decided to come off JSA and become self-employed in 2007, things were going good until last yr. Because of the recession I have lost all but 1 customer, now I only earn £100 per week. After all running costs etc I have been loosing about £400 pcm and have been for about 6 months. 3 overdrafts have been maxed out and a credit card to try and keep going in the hope I get new customers but I have failed. These come to about £4k

I have been thinking about declaring myself as un-self-employed and going back on JSA, but I do not know if this can be done. I have also been thinking about throwing the towel in and filing for bankruptcy as I also have about £7K debt from a Career Development Loan I took out do complete an MSc Degree. So in total I have about 11k of debt and it's growing.

So is bankruptcy all that bad? Can you go on JSA after becoming bankrupt? Has anyone here gone through it. How did it affect you?.. how did it affect you getting a job?

At this point in time.. I cannot see a way forward. I am not a home owner, to cut back as much as possible i'm sleeping at the office (which im about to ditch) and about to move back into my folks (joy). Family have urged me not to go bankrupt as they give the impression that its equivalent to suffering financial leprosy.

[Deleted User]

I`m not sure you fulfill all the terms but consider a DRO,perhaps a chat with CCCS or another debt charity or CAB would help?
As for JSA i think thats a know as you have been self-employed for 4 years(?),a trip over to the benefits forum would get you advice on benefits(but living with parents they will be minimal)
good luck