Does anyone Regret going Bankrupt

Zlatan100

Thanks, did you open a new bank account before your bankruptcy are after?

mandyl

i opened co op account before

Zlatan100

Thanks Mandyl, think I would be better doing the same

dojoman

Zlatan100 wrote: »

Thanks, did you open a new bank account before your bankruptcy are after?

I opened mine 10 weeks before going BR, that was nearly 2 years ago and the account was never touched and has run fine ever since:)

TOOMUCHWORRY

Tiny toes, I hope you dont mind me asking but were you able to keep your mortgaged house. If we go BR we have equity in the house but not enough to buy another property. we would need 3 beds as we have 2 dependants, 1 in FTE and the other at uni.

The thought of having no where to lives terrifies me.

dojoman

TOOMUCHWORRY wrote: »

Tiny toes, I hope you dont mind me asking but were you able to keep your mortgaged house. If we go BR we have equity in the house but not enough to buy another property. we would need 3 beds as we have 2 dependants, 1 in FTE and the other at uni.

The thought of having no where to lives terrifies me.

If you have equity in the poperty the OR will definitely have an interest in it.

TOOMUCHWORRY

We would have money over from the sale of the house to rent for a while probably a couple of years but after that we would be homeless

mandyl

TOOMUCHWORRY wrote: »

We would have money over from the sale of the house to rent for a while probably a couple of years but after that we would be homeless

as dojo says if theres equity they will be interested. as they are for mine and mine is under £3000

I_can_see_trouble_ahead

We were discharged from BR this year my OH was discharged only 4 months into her BR , I had to wait the whole year:(. We didnt have much choice going BR as I was sick but am now 80% recovered and well on my way to full health again, everything started changing from after The OR interview evry day seemed liked i was getting just a little better and then 6 worry free months later I was able to drastcially reduce medication and stop seeing psycologists etc..

BR is not the easiest option but for some its the only option I wish we did not have to go BR but for us there was no over way. I was worried B4 bankruptcy as I was always a worrier who would pay my debts before buying food and I think thats what contributed to me becoming ill. Now I know that most crediters letters are complete BS they very rarly take people to court and I am yet to HEAR of anyone recieving actual real balifs turning up unless they have been to court and not complied with the courts orders. Alot of creditors and DCA's say that they will send doorstep collection agents to your house these are not balifs they are the same as the people that call your house they have no power whatso ever and very rarly do they materialsie anyway.

In answer to your question do we regret it NO for us it was a lifeline and TBH I am glad we cannot get credit anymore, we have vowed never to borrow money again unless we cannot feed the kids which I cannot ever see happning as BR has given us a lesson in money management that will only imrove our lives in the future.

Regarding banks, Barclays have been absolutly brilliant, we have had a basic accout for the whole bankruptcy and that includes internet banking and a savings account was opnened alongside which is also managed online.

The courts and the OR's are so nice and do not look down on you if you go BR so dont worry about that they are really friendly people just doing thier jobs. Once youve been to court ring all your creditors and give them your BR numbers and you will probally never hear form them again (we did had a few cheeky ones trying thier luck but we just laughed at them in the end).

We thought people would look down thier noses at us but alot of our friends were actually envied us for being debt free and wished they could get rid of thier debts just as easily but BR not right for most of them so they just keep slugging it out.

Hope this helps a little

Good luck for the future.;)

alastairq

TOOMUCHWORRY wrote: »

We would have money over from the sale of the house to rent for a while probably a couple of years but after that we would be homeless

why homeless?

Petitioning for bankruptcy doesn't mean one is totally penniless.

It simply means one is...at that point, insolvent..ie one cannot meet one's debts.....after one has deducted all household and living expenses.

For what it's worth, I think one truly has started to come to terms with dealing with one's debt, once one accepts the idea that all living expenditure is dealt with first....then, whatever is left is for creditors.

If there is insufficient left for the creditors, one is insolvent.

BR is a legal process that allows creditors and debtors to deal with this situation.

In much the same way as divorce deals with marital situations?


Once BR, there is no need to have contact with any creditor.

It is not the BR's responsibility.

That is for the OR to do.

If called, be as terse and impolite as you feel.

If a letter, simply collect and forward to the OR.

The important thing is to look at your income, and use it for living.....not for someone else's profiteering.