I'm interested to know

boodebt

Would it be rude of me to start a thread that people post on the rounded figure of debt they went bankrupt for? I think it's from a personal point of view to see how other people compare to my situation...

Mine was approx £45k, built up slowly over 12 years which became unmanageable

Anyone else? Round it to the nearest 5k for ease...

fiveyearplan

Mine was over £130k (I stopped counting after that!). It wasn't all 'debt' as such. I had a franchise that I signed up for 10 years and they charged me the fees for the remaining 8 years of the contract so I didn't actually run up debt with them. Their bill didn't come until after my BR so it wasn't on the forms but would still be included.

MikeJO

It was passing the £40k line that made me stop fighting it...all happened quite quickly after that so the final figure was probably around £41k.

debtinfo

If it helps, the average amount of debt in a bankruptcy is in the region of about £35,000- £40,000

philnicandamy

£11,500 in total was manageable ut due to health problems retired from NHS so very little income brought in...and too early for a DRO (damn!!)

dojoman

Have a look at this thread:)


https://forums.moneysavingexpert.com/discussion/1521833

Ineedaname

I'm going to be a bit of a grump here and say I don't think it's relevant how much everyone went BR for as everyone's circumstances are different. One person could be insolvent for £10k whereas another could go BR for 100's of thousands because of property and/or business being included.

The point is we were/are all insolvent.

debtinfo

Ineedaname wrote: »

I'm going to be a bit of a grump here and say I don't think it's relevant how much everyone went BR for as everyone's circumstances are different. One person could be insolvent for £10k whereas another could go BR for 100's of thousands because of property and/or business being included.

The point is we were/are all insolvent.

That is true in the matter that you are either insolvent or not, it doesnt really matter how much you owe.

What some people are looking at though (not sure why the OP wants to know)some times is firstly what options are available to them although you are insolvent some times there are other ways out but if you are massively insolvent that sometimes only bankruptcy is available, of course though the simple amount you owe is only half the story, your assets and earning potential is the other half.

Also i know alot of people want to know how or if the way the OR deals with them differs depending on how much you owe, which it does naturally, ie someone who has £100,000 of debt will have their case looked at more closely than someone with £10,000 of debt, although again this also differs in circumstances for instance the OR will expect a business failure to have more debts than a purely personal bankruptcy

so although a very imperfect scale the amount you owe does affect the bankruptcy a bit

alleyalleyoh

i owed £27,000 when i went bankrupt and the scarey thing is i dont know what i got out of it !!! no car or anything,mine accumulated over 10 years credit cards and store cards and catalogues, the credit card companies just upped the limits and the store cards sent me cheques to cash which stupidly i did!

cherry-pie_3

boodebt wrote: »

Would it be rude of me to start a thread that people post on the rounded figure of debt they went bankrupt for? I think it's from a personal point of view to see how other people compare to my situation...

Mine was approx £45k, built up slowly over 12 years which became unmanageable

Anyone else? Round it to the nearest 5k for ease...

It is an interesting topic when you've been through it yourself. I had 18,000 of debt when I went bankrupt. This was a combo of credit cards an overdraft and a loan. It was manageable (although I was living in hardship) until I lost my job last year. If I'd kept my job or got a new one quickly I'd still be paying my min payments every month. The mad thing is I tried negotiating with all of my creditors for 6 months but they didn't want to know. If they'd had let me make token payments for a few months until I'd got a new job, then I would have carried on paying them. As it is now they will get nothing.

alastairq

for my two-penn'orth..academic really as it will have gone into a bankruptcy.....

There is a huge difference between what folk actually 'owe'...as in, the physical amounts.....


and the sums creditors claim they are owed.

By this, I include 'charges', 'penalties', [excessive] interest, administrative charges [as distinct from, administrative costs....I bet many an admin assistant would dearly love to be paid fifty quid an hour?]....

Does the OR actually 'cut through' the rubbish surrounding a debt?

Do, in fact, creditors like DCA's, credit companies, etc, actually gain an indirect benefit from ramped-up charges being included in an individual's BR?