Do you regret going bankrupt?

radio-jo

I'm planning on petitioning for bankruptcy next month and i've read all the literature I can find about it but I still have a niggling doubt that it may ruin my life.

Do any of you regret doing it? I hope to buy my own home once I get back on track financially - will I ever be able to get a mortgage even after my BR is discharged and a few years have passed?

mj12_2

I'm not bankrupt personally so may not be the best placed to advise you but it seems to me that if you feel that bankruptcy is your best option at this stage then that is what you need to do. It may make your life a little harder when it comes to getting mortages etc in the future however if at the moment its your best option then it may be better to cross those bridges when you come to them and take care of the here and now first??? Just my two cents anyway :-). On a side note I have an uncle who is twice bankrupt and a homeowner so be reassured it will still be possible :-).

dojoman

Yes I regret it, but in the end there was no other option open to me. Nearly 19 months in now, and it has turned out not to be anywhere near as bad as I had feared. Have a look at the link below re getting a mortgage in the future. Also have you taken any advice from anyone yet?

https://forums.moneysavingexpert.com/discussion/2918012

Manoona

I can honestly say it was the best thing I ever did. Free'd from the stress and constant worry, able to get back on track, I was discharged in may so it wont be long until im cleaning up my credit files and getting some good green ticks again.

It was a very scary process, and i was lucky to ahve very supportive friends and family, i'm no in a position that i can even sometimes save a little from my wages!

I know it will be a while before i am in a position to buy my own place, but i figure in 6 years time i will still only be 34!

I've never looked back and never once regretted it - just my own personal experience though

radio-jo

dojoman wrote: »

Also have you taken any advice from anyone yet?

https://forums.moneysavingexpert.com/discussion/2918012

Yep, from National Debt Helpline (who I cannot recommend enough, they are absolute saints). BR is my only option really. I'm just having a wobble about it because it's such a big step.

It's good to know that I could theoretically get a mortgage 2 years after discharge. I just want to wipe the slate clean and be sensible with my money....well, I have been sensible for the last 2-3 years. Unfortunately I was very un-sensible in my early 20's and have been left with an enormous debt which I cannot repay.

kepar

I would say you would have no chance of getting a mortgage after two years unless you have a massive deposit.

radio-jo

kepar wrote: »

I would say you would have no chance of getting a mortgage after two years unless you have a massive deposit.

Hence my use of the word 'Theoretically'.

Penelope_Penguin

radio-jo wrote: »

I'm planning on petitioning for bankruptcy next month and i've read all the literature I can find about it but I still have a niggling doubt that it may ruin my life.

Do any of you regret doing it? I hope to buy my own home once I get back on track financially - will I ever be able to get a mortgage even after my BR is discharged and a few years have passed?

I'm a money adviser, so have lots of experiance of assisting people with the BR process, but haven't been BR myself.

A lot of people come to me in financial difficulties, that spill out into their family life, affect their work, stop them from sleeping, and cause great stress. In 90% of cases, they look so much better once they leave my office than when they arrived

Many people worry initially about their credit rating, and what will happen after they are BR. Valid question, but I suggest they ask themselves if they think they can carry on as they are for another *** years until they'll pay off their debts. If not, then think carefully about BR, and if it's the right thing for now, then do it.

If you can get a mortgage in *** years time, great, if not, at least you're in a better place for the time being.

Good luck, and keep asking questions

funkbandit

My boyfriend is an undischarged bankrupt and he had already been offered a new credit card, I can't even get a new sofa and I'm not bankrupt I have 2 ccjs on my file and cant get any form of credit whatsoever.

gillypkk

i regret being so stupid and agreeing to put all the bills in my name lol.

im a week in and i dont know this will follow me forever but i know it was the best thing i could do for my family and our future.

skylight

Feb 2008 - years ago.

Best thing I ever did and the worst too.

It was necessary as there was no way I was ever going to pay off what I owed; lots of reasons for owing it and it is easier to look back way down the line as you forget stuff and remember others!

But its terrible that I had even gotten into this position in the first place!

However, life now is much better. I have new debt (£1k at any one time) that I can manage well but its more than I want to owe and my credit rating is looking good for it. I don't have any people harassing me anymore and the rain forest is safe too!