Thinking of bankruptcy

slowlycrackingup

Hi, I've recently had a change in circumstances regarding my finances. I've been dealing with stepchange who have advised a DMP, a part of me is considering filing for bankruptcy would this be possible if I haven't been advised by them? Hope someone can help

Find_The_Real

Hello

The best advice I can offer is as you are already with StepChange is to give them a ring back and see what they have to say if you have had a recent change to your finances.

slowlycrackingup

Thanks for the reply, what I meant sorry was that because of a change in circumstances I've had to look at a DMP, but I'm also thinking of bankruptcy

doseduk

Hey, I just thought to reply since its early AM and wasn't sure if you were still on - thought it might help to at least know you arent alone at this silly hour.

I suppose from a layperson's point of view (I'm just a bankrupt, not a professional or trained advisor on such matters) if you are considering it, the most important thing is to seek professional advice, StepChange would be able to provide this, or indeed the CAB. Stick (as it seems you are) with free, non-fee services (CAB and stepchange/cccs) as you certainly don't need to pay for this advice.

They'll be able to objectively look over your particular financial situation and see if bankruptcy is suitable. It is my understanding that not only would a judge need to be assured you had sought professional advice, but also should there be an option that was better suited to the situation, they may insist on looking at that option before bankruptcy. This could be DMP, IVA or DRO (google or other threads here are as good as anything else for finding out more about what these are).

The relief of having a trained professional simply tell you that your best, or only option, is 'x' or 'y' is a really valuable thing.

They will probably first rule out the other options.. If you are able to contribute to a DMP and this is likely to be accepted by creditors, this would probably be looked at first. Then depending on how much you owe and/or your income and disposable income after essentials, other options like DRO or IVA may be considered. In my case, which was that I had nothing spare (a deficit in fact) to offer creditors as it was and owed more than one of the options is applicable to, bankruptcy was the only option.

Certainly taking a look through even just thread titles on this board should give a general impression of the kinds of personal experiences people have with the process, and also should highlight particular issues people face along the way (which they had come here and written a thread to seek advice on...) - perhaps if you felt like it (its a public forum, so obviously choose what you feel, if anything, comfortable disclosing) you could provide some vague overview of your financial circumstances and a more experienced or professionally-backgrounded board member might be able to give some bespoke advice.

One thing this forum really helped me with, from day one, was realising how not alone I was in my circumstances. I hope you are able to see people here at various points in sorting their finances, some just thinking about petitioning for bankruptcy, some just being discharged, others years on doing well, or still facing issues... it helps get a realistic sense of how things go and how others feel.

Certainly though, the main point which feels like a cop-out but is just, very important, and really shouldn't waste any time in hesitating with, is seeking professional advice on your consideration of bankruptcy as an option.

All the best, ad x

IF

Hi slowlycrackingup and Welcome to the Bankruptcy (BR) Board. Please do try one of the other Debt charities. We advise you to try at least two others for your own piece of mind.
Your BR could be refused if you have not sought advice. (Advice on here does not count, this has to be from one of the Debt Charities, an IP, an Accountant or a Solicitor. The Judge just wants to be sure that you can never come back and try and overturn the order on the basis that you were not aware of all the consequences).

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *

Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• StepChange (formerly CCCS) - Website: StepChange Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

Please don’t do anything rash take your time and weigh up your options and read everything you can.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here
Select the MSE format at the end. Copy and paste onto your thread.

For ‘essential’ BR info the ‘Look here first’ sticky by Fermi.

BR friendly home insurance thread.

BR Friendly Bank Accounts ~ [Updated Sep 2012 re: Co-op Cashminder withdrawal]

BR Abbreviations

Beth's Guide Reasons for your BR

Charities who help with BR Fees

Bankruptcy NDL Guide

Basic Bankruptcy Advice & Guide NED CAB

And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.


Best wishes
IF...x