THinking of Bankruptancy - Please Advise

FrankZap

Hi

I have been reading the forums with great interest recently, and feel I am heading towards bankruptancy.

Since I was 19 and at uni, my wife and I have been in debt, started off small, but started to rise, got consolidated, then started to build, got consolidated again, moved house, paid a lot off, but it grew again.

We have been robbing Peter to pay Paul for over 15 years, and have got to the point where we cant Rob Peter anymore, we have maxed our cards, and our consolidation options. No equity left in our house.

We have a few missed payments , but from now on we will start missing most payments,

My question is, Can I go bankrupt when I am currently up to date with payments, or do I have to start missing stuff before hand?

Thanks in Advance

TinyToes

you can go br as soon as you have the fees.

So_Sad_Angel

Hi Frank & welcome.

Speak to one of the debt charities CCCS, Nat Debtline, CAB before you do anything as everyones situation is different..

Bankruptcy is last resort so please make sure there are no other viable options first.

FrankZap

So_Sad_Angel wrote: »

Hi Frank & welcome.

Speak to one of the debt charities CCCS, Nat Debtline, CAB before you do anything as everyones situation is different..

Bankruptcy is last resort so please make sure there are no other viable options first.

I do intend to speak to all the charities, to see what they advise.

I am pretty financially savvy, I have been in a bank (lower management) for over 10 years, so I do understand the options available for me.

I know it will affect my job in the bank, and that I will no doubt have to look for a new job as I am in an FSA regulated role, so it cannot be kept, so the implications really do make a HUGE difference to me.

However I feel I have no choice, however will take advice from charities and here before I insitgate it.

Thanks

So_Sad_Angel

FrankZap wrote: »

I do intend to speak to all the charities, to see what they advise.

I am pretty financially savvy, I have been in a bank (lower management) for over 10 years, so I do understand the options available for me.

I know it will affect my job in the bank, and that I will no doubt have to look for a new job as I am in an FSA regulated role, so it cannot be kept, so the implications really do make a HUGE difference to me.

However I feel I have no choice, however will take advice from charities and here before I insitgate it.

Thanks

I gave up my senior role in a similar field due to the BR...this I do regret as I now realise that I could have continued in my DMP & kept my job. At the time I did not realise that as I was also hit by illness...I also know that you can`t make a balanced, informed decision when you are stressed either.

So please do nothing until you are completely certain that it is the right choice for you.

Carry on making a nominal payment ( even if its only a £1) to each creditor as that will show them that you are making at least some gesture of payment whilst you sort out your position.

Not sure if that helps but don`t rush into anything .

FrankZap

So_Sad_Angel wrote: »

I gave up my senior role in a similar field due to the BR...this I do regret as I now realise that I could have continued in my DMP & kept my job. At the time I did not realise that as I was also hit by illness...I also know that you can`t make a balanced, informed decision when you are stressed either.

So please do nothing until you are completely certain that it is the right choice for you.

Carry on making a nominal payment ( even if its only a £1) to each creditor as that will show them that you are making at least some gesture of payment whilst you sort out your position.

Not sure if that helps but don`t rush into anything .

I have been offered redundancy, so it is a choice, howver I know I will not get a job in another bank, but that is something I need to accept

dojoman

Hi Frank, welcome to the forum, hope that things work out for you:)