Bankruptcy day -16th Oct

iosullivan

So after 4 months of considering all options we both have filled in our bankruptcy papers, been to court and papers checked and date now set for 09.30am 16th October

We can't wait now as a slight weight off our shoulders knoŵing we have a date and now counting down the days till the dee day.

The letter states 1 - 2 hours for hearing though some people don't get to see the judge and some do. What am to expect when the day comes???

Can't wait to get home and kindly tell my creditors where to go. I must say I'm not happy to admit I'm going bankrupt as everyone has there view on this but either way I will be screwed fit next 6 years even if I did not go bankrupt

At last I can see light at end of tunnel that I've been chasing for years and a new chapter can start for us both

velocity.girl_2

i've not done it but i am considering maybe. just wanted to say i hope it all works out for you.

1step-at-a-time

I was lucky. Appointment at 1.30pm with the Bankruptcy Clerk. She checked my papers, took my £525 and fee exemption information and took it to the judge who signed and stamped without me being there. Then she filled out the order and in total it took 30 minutes (I put 3 hours on the car expecting longer!). I think it depends on a few things with judges, some like to check personally and some just want to know you have taken advice so make sure the clerk knows if you have.

Mouse1812

iosullivan wrote: »

What am to expect when the day comes???

A few years ago I went with a friend to Swindon Court, provide moral support and all that. We sat and waited for a while and then he was advised all done, “judge doesn't need to see you please come and have a chat with the OR”.

We had been told in advance that some Judges do and some don't, depends upon the Judge and what they read in your paperwork. I don't know if they still get you to talk to the OR (Gloucester) straight afterwards, but that chat did take some time. Have a copy of your bankruptcy forms with you just in case.

Whatever happens, you don't need to worry, everyone will be polite and helpful. Good luck.

Lou67

velocity.girl wrote: »

i've not done it but i am considering maybe. just wanted to say i hope it all works out for you.

Come and chat to us on here if you do decide to go bankrupt. Many of us have a wealth of knowledge and experience.

Lou67

iosullivan wrote: »

So after 4 months of considering all options we both have filled in our bankruptcy papers, been to court and papers checked and date now set for 09.30am 16th October

We can't wait now as a slight weight off our shoulders knoŵing we have a date and now counting down the days till the dee day.

The letter states 1 - 2 hours for hearing though some people don't get to see the judge and some do. What am to expect when the day comes???

Can't wait to get home and kindly tell my creditors where to go. I must say I'm not happy to admit I'm going bankrupt as everyone has there view on this but either way I will be screwed fit next 6 years even if I did not go bankrupt

At last I can see light at end of tunnel that I've been chasing for years and a new chapter can start for us both

And then your life can start!!! Mouse has given you the rundown on what to expect, but I just wanted to say that you are brave - and well done to you for making this huge decision. Probably one of the best you will ever make! No more worrying about the mail coming, no more nightmares, no more stress, and all of the future to look forward to.

Finally, I loved the sentence that I bolded and put in blue above ^^^ :rotfl: Stuff the creditors! They make enough money from people over the years, and the banks have screwed EVERYbody one way or another...And regarding the second part of that sentence; the people who are all judgemental and sneery because you are going bankrupt, and think they are better than you because *they* have 'managed their debt better' (as some of them say,) can go do one! This is YOUR life, and you're about to get it back!

mynumber

There for the Grace of God and all that.
I never thought i would be in this siuation at any point in my life, i paid all my debts/bills and had a wounderful credit score for all my adult life. At 52 after a break up of a 16 year relationship i thought was for life here i am. Let people think what they like, they arnt important.
Good luck and keep looking at the light at the end of the tunnel
K X

kepar

Finally, I loved the sentence that I bolded and put in blue above ^^^ Stuff the creditors! They make enough money from people over the years, and the banks have screwed EVERYbody one way or another...And regarding the second part of that sentence; the people who are all judgemental and sneery because you are going bankrupt, and think they are better than you because *they* have 'managed their debt better' (as some of them say,) can go do one! This is YOUR life, and you're about to get it back!


This iis what gives most br's a bad name. Did you have a shotgun pushed in your face every time you applied or used credit. Now you have gone br and through to ad at least take some responsibility in that you were at fault.
Blaming others is not the way forward. My debt was in all probabilities larger than yours . but no way would I blame anybody for giving me credit. I took it it was my fault.

And to all those who are going through bankruptcy or about to, although or the pressures ease through not having debt, there is a lot of problems ahead. It is not easy, no borrowing for extras or if anything goes wrong. Until discharge you can feel trapped, but the benefits will eventually come through.
You know when you have come through the process . in that you can tell anyone how and why you went br, not just posters on here, but family and friends.
To many try and hide it, but that just continues the stress.
Some say they do not want credit but want to clean their credit files.
Lets be honest we all want some sort of credit, we want to be seen as normal. That is why most do not like the Cashminder account because it has no overdraft or cheque book, yet they claim they do not want credit,
Be honest you do
Now nearly 3 years post discharge, I still haven't cleaned my files, I will do before the six year point, but why bother until then.
But I have got a Vanquis CC with a £3000 limit, three bank accounts and an ISA.

The one real thing I have learnt about going bankrupt is to be honest about money and accept that if I cannot afford to pay cash for it then I cannot afford it and I am honest to people about the house I lost, the car I lost and why I cannot now afford expensive holidays.
But looking back now I never could. I just tried to keep up with other with credit.

My fault, no-one elses.

Lou67

mynumber wrote: »

There for the Grace of God and all that.
I never thought i would be in this siuation at any point in my life, i paid all my debts/bills and had a wounderful credit score for all my adult life. At 52 after a break up of a 16 year relationship i thought was for life here i am. Let people think what they like, they arnt important.
Good luck and keep looking at the light at the end of the tunnel
K X

Good post mynumber. People who are judgemental of bankrupts have no right to be as they don't know what led up to it. And it's a bloody long fall from those high horses and tall pedestals

It's the best thing me and my hubby did after a number of years of struggling financially, (mostly through no fault of our own,) and job loss and ill health being the prime reason. Our lives are so much better now, we have no debt, and decent savings, and we are much happier and healthier and I frankly could not give a DAMN what people think. :j And once again, STUFF the creditors; they make ENOUGH money from people over the years and have scammed people left, right and centre and the banks have brought the country to its knees... so I have not one shred of guilt...

What's more: we paid EVERY last thing on time, and had a brilliant credit score up to our mid 40s too, and TWO thirds of our debt was cleared by the sale of our house after the bankruptcy... I have mentioned this some six or seven times in posts in the last week alone but it's never acknowledged funnily enough. I guess *some* people are just too keen to focus on the negative and would rather have a go at people for views they disagree with, rather than acknowledge any positives. How sad.

I'm not sad though because... I am a *HAPPY DEBT FREE PERSON!* I don't owe a BEAN to anyone, and the fact I got no IPA made me very happy too. :T Meant I could immediately start my new life (and my hubby too.)

dojoman

*I was in the black for 30 years up to then & have been ever since. I now have modest savings and NO DEBT, through hard work and being frugal. Managed to escape an IPA (which I am 100% against) so was able to start my new life immediately! *

No, you have no debt due to you going BR???????

debtinfo

Just to add my 2 pence worth, Whilst others like Kepar use the words Fault and blame to describe their own actions (which is ok for them to use them about themselves) i prefer to use the word responsibility as i feel that it removes the sense deliberateness which i dont believe is the case with most bankrupts. Nontheless whilst not being deliberate in the majority of the cases i have seen, and i have seen thousands from the most blameless to the most culpabable and criminal, the bankrupt is at least partly responsible to a varying degree for the situation they end up in. only a small minority that i have seen have no responsibility at all, ie there was nothing they could have done to avoid it. Ill give a couple of examples to show what i mean. (and much of this applies to people wjo have not yet gone bankrupt but are one career changing event are way from it). I see many people that say but i had a good credit score and i always paid my bills on time. That may be true but when you look at their finances you see that they were each month spending a liitle bit more than they earned and using credit to make up the difference. So each month they were a little bit more in debt then they were the month before, until one day either they couldnt earn any more of like in the financial crisis the banks stopped lending any more. Now that isnt deliberate at no time did they plan not to pay their creditors back. But it was unsustainable to carry on and therefore they should take some of the responsibility for their situation.

Another one i hear is well i was always on a good wage until i had to take a pay cut, that may be true but if you were on a good wage what was the need to have £50,000 of debt why could they not have just spent the good wage they had, the person has left themselves exposed by having that debt hanging over them, so whilst in the end there was nothing they could do when they took a pay cut, they have to shoulder the responsibility of leaving themselves open financially to changes that do happen occasionally.

The same applies to people who have had a business failure. Now when you first set up a business you have to take certain risks (in fact that was why the bankruptcy laws were made more lenient to encourage people to risk setting up a business) but i would see cases where people would say i had a successfull business for 20 years but was hit hard by the recession and there was nothing i could have done to avoid bankruptcy. In reality you have to ask the question, if the business was successfull for a long time, why were there still large debts that had not been changed to equity as the business grew, was it that the owners took to much out and did not make sure that the debt of the business was low as possible, nothing legally wrong with that, but it again is leaving the person open to difficulties if a recession should hit which they do as they go in cycles. The other one that comes up often is that the business is in good health but the person trades for to long not realising that they could have stopped trading with no debt rather than carry on.

As i say im sure that many people can identify with these examples. The point as i said above is not to attribute blame as none of those i would say are deliberate, but the reason it is important to accept responsiblility is because the ones that blame everyone else and take no responsibility are the ones that are likely to fall into the same trap again.Fortunatly you see many posters that commit to never taking credit again and whillst im not necessarily advocating that it is encouraging to see people takoing responsibility, for instance you often see people that have spreadsheets for spending and take much more care than they did in the past.

Unfortunatley i would sometimes see people on there second bankruptcy and sometimes their third of fourth.

Finally just to respond a little to lou, I am glas that your creditors did get a good proportion of their money back, this is probably more than in most cases. but perhaps why people dont rush to acknowledge it is that you had had no choice in that as the property was sold as part of the bankrupty, you have mentioned many times that you dont think the creditors should get anything and so (and i cant be sure what others think) i can see why they may not congratulate you for paying a good portion of your debts back when it is begrudging and against your own wishes.

To respond directly to iosullivan, as you can see i do think that that creditors should be paid back as much as possible and that people should take responsibility for their debts, but i also know that goes both ways and creditors whilst entitled to recover their money are often veracious and unpleasant in the way they go about it which should not be allowed and so i understand your feelings of telling them where to go after you have been subjected to prolonged attack from them when you really do not have the ability to pay