Do you regret going bankrupt?

elliesmemory1

I regret getting in to a position where i had to go br, however I dont regret going br it has taken away a lot of stress.

debtinfo

Hardupandfedup wrote: »

I regret getting in to a position where i had to go br, however I dont regret going br it has taken away a lot of stress.

I think that covers how the vast majority of people who go bankrupt feel

WLITC

I don't regret it and to date it hasn't been an issue for me. I guess I was lucky in that I managed to juggle things (half living off credit cards, etc) so that I never really had masses of stress over the debt, at least not until the very end when it all suddenly caught up with me. For me it was just regret that I let myself get so far into debt that I spent the best part of the last 10 years having zero life (my debt wasn't from partying or extravagant living) and working just to pay my rent, loans, credit cards, etc.

For me its been a chance to start over and live again. I've now got a very well paid job and for the first time in what feels like FOREVER, I can afford to treat myself or go out with friends. Thats not to say that anyone should take going BR lightly as it can be messy and complicated for some, but for me its been my chance to start fresh.

~BB~

I deeply regret it.
But everybody is different.
I haven't found it has brought any relief for me, just worry and shame.
Maybe once the three year period is over I'll feel differently, once the feeling of being watched is gone but it stays online forever, and that's how it feels it's with you forever.
But contrary to popular belief I don't think many people enter BR lightly and I know from reading posts on here how much it can help people and make a huge difference to their lives, that's what it's there for to sort things out and move forward to a better chapter in your life, a fresh start.
I wish you all the best whatever you decide.

khanji17

My Husband & I went BR in July 2010, I got early discharge in march this year and my husband will get his AD next month.

I used to be scared of answering the phone before we decided to go down the BR route. It was a nightmare to open the letters and to see the postman bringing them to our house. When we went to court and got our BR petition submitted I started to cry so much with mixed feelings that why did we end up like this + now we are free of the debt which would have taken us 10 years to clear.

Now one year on, we have a much better lifestyle and we are still living in our mortgaged house. As it is in negative equity the OR didn't touch it, but if the value goes up in the next 2 years now as 1 year has passed, OR can sell it. But the value to go in positive equity is slim. We plan to stay here in this property for atleast next 6 to 7 years, till we have saved enough for a good deposit and this house gives us some money back as well as BR is off our files and we have some credit history to support us in getting a mortgage again.

All in all, we are ashamed to be in a position which caused BR in the first place, but we are happy we did it at the right time to solve our lives.

kepar

Now one year on, we have a much better lifestyle and we are still living in our mortgaged house. As it is in negative equity the OR didn't touch it, but if the value goes up in the next 2 years now as 1 year has passed, OR can sell it. But the value to go in positive equity is slim. We plan to stay here in this property for atleast next 6 to 7 years, till we have saved enough for a good deposit and this house gives us some money back as well as BR is off our files and we have some credit history to support us in getting a mortgage again.

I hope it works out for you, but have you made the right decision only time will tell I guess. In that you are now a prisoner in your home, if mortgage rates go up you have to pay, you cannot re-mortgage. You cannot sell at least for the time being, if house prices keep falling the bank may ask you for more money because of the negative equity.

We were in the same position, but decided to opt out early and went for a voluntary repo, we are now saving and hopefully 6-10 years time be able to get back onto the property ladder.

Everybody has different ideas, but although we regret giving it up nearly 21/2 years ago, looking back it was the right thing to do. We realised that we would have been prisoners in our own home and no way out.

I hope things work out for you, but think hard it is not easy to give it up but remember you have no equity in that house and what would you do if the bank asked for 10% of its value.

wildheart83

I don't regret going BR but I feel constant guilt and shame over it, not just to the companies I owed money to, but also for the lies I have told regarding my financial situation.
BR has given me the breathing space that I needed, and has made me change my way of living and also my attitude to money.

BaldEagle

I'm kind of with you on this one, ~BB~. I don't feel any kind of relief; in fact quite the opposite. Maybe it's just an unfortunate set of circumstances all happening at once but I've now got less money than pre-BR and feel under more pressure knowing the OR is looking at my every move. I seem to have an over zealous examiner dealing with my case.

The highlight of my week is coming on here and changing my auto signature.

Meh. Ask me again in another 37 weeks.

GreenDog_3

I was declared BR back in March and apart from being my only option, the relief from all the stress and not sleeping is unbelievable.

I was able to open a basic account, set up all my DD's and even get a place to rent (which I intend to do long term now - don't want to get another mortgage again)

I was hassled by my ex's family member saying I have taken "the cowards way out", but really - it isn't. The best thing I could've done (and only)

GD.

HateBanks

So far so good for us, OH and I did 'the deed' early March, so early days yet a while. OR examiner was nice and interview painless enough.
As self employed I have had to fill in a paper tax return, which has in turn caused problems with sons claim for funding for Uni, and also our claim for Council Tax benefit, but having spent the past 15 years in deep debt, I cant express the relief at finally being 'debt free', the phone calls stopped within days, and the letters that come trickling through are dealt with with a phone call, then the shredder.
Each case must be assessed individually of course, but if it feels like its the last resort, which it should be, then it is the right thing to do.
The 'grown up' step to starting the rest of your life.
Best of Luck