How does bankruptcy affect your day to day living?

rog2

I can not pretend that bankruptcy does not affect me, on a day to day basis. Of course there is still a bit of 'stigma' although in most cases, once you 'clear the air' with someone by telling them that you are bankrupt, I find that they tend to open up themselves, and it is surprising to find just how many people, with outward signs of well being, are struggling, often very hard, with debt.
Obviously I miss not having the 'choices' that I had before bankruptcy, but as these 'choices' more than likely involved credit, this is not a bad thing, and I am learning to live with that.
I am also learning that you don't need all the 'luxuries' to enjoy life.
So it's not so bad, really.

Remmer

After working in a high pressure environment in which I enjoyed a very good lifestyle and losing it all on redundancy, I actually feel more inner peace than I have for as long as I can remember.
I didn't feel much stigma although I lost a huge amount of self respect but even that was short lived once the phone calls stopped.

What the hell! I'm 53 years old, Have 4 wonderful kids, A babe of a woman I love to death, a no stress job at Royal Mail and I'm alive!

wherediditallgo

Before going BR

• Hated opening the post, & sometimes didn't bother.
• Dreaded phone calls from creditors.
• Couldn't manage to budget my money, because there was always an unexpected/extra thing that needed paying for.
• Found myself robbing Peter to pay Paul virtually every month.
• Felt guilty for spending any money, even if it was essential.
• Felt a failure for not being able to deal with my debts satisfactorily each month.
• Allowed worry about the stigma of BR to delay going BR for 6 months.

After going BR

• Don't mind opening the post - if it's a letter from a creditor, I just ring to say I'm BR or forward it to the OR.
• After the first week, no more calls from creditors.
• Having got my IPA fixed at £50, I can now work out a budget I can stick to because I know exactly what my financial commitments are each month. No-one can ask for any more money, & with not even an overdraft available, I can't overspend either.
• For the first time in years, I can now save regularly each month.
• No guilt about the money I spend.
• Feel a success - my debts are now totally under control, & I can plan ahead.
• Don't know why I worried about the stigma so much - I didn't see the ad in the local paper, so if anyone saw it, they haven't mentioned it to me.

The effects of going BR have all been good for me - I hadn't used my credit cards in years (my credit card debts were all old ones plus the interest charges), so I don't miss not having them. Whereas having the cards gave me a choice about whether to use credit or cash, I now have no choice - either I pay cash, use my debit card or do without. When I want a mortgage in future, me being BR might make things more difficult, but none of us know what the future holds - for all I know, my personal finances may have vastly improved by then. But if they haven't, at least my record of consistent monthly savings will help to back up my new creditworthiness.

If I have one regret about going BR in March, it's that I didn't do it 6 months earlier when I was first advised to. If I'd done that, chances are I wouldn't have an IPA now (I was taking home £200pm less then) & I might also be looking at early discharge by now. However, I don't mind being told I've got the £50pm IPA at all - it's my contribution towards paying off my debt, & allows me to start life over again.

cometherevolution_2

First time I have posted on this site. My partner and I are thinking about going bankrupt. we have had advice over the last couple of years mainly suggesting debt management schemes. Problem arose when we had a baby i had severe post natal depression and he was made redundant. That was 3 years ago and we have never come right financially. We both tend to bury our heads in the sand. We both work full time and would love to own our own house (we privately rent) but this seems impossible when our combined debts are close to £40000. (loans, credit cards etc) Life is an absolute struggle always worrying. Our combined salaries are £50,000, sounds good, but our outgoings are huge particularly rent and day care.
just a couple of questions for you knowledgable ones!
1. Can we go bankrupt jointly or if just my partner what happens to our joint HSBC managed loan £9500 ?
2. Does what we earn make a difference to going bankrupt? e.g a judge might say we earn a lot but we still cant get anywhere, we are so far in overdraft loan repayments etc.
3. does it affect employment where you handle money. e.g property manager?
Anyway thank you to everyone just reading this forum helps relieve a bit of the stress I suffer everyday.

Remmer

Hi sweet, all circs are different, you really need to take professional advice before deciding. I found CCCS the best. There may be another way for you both but please DO take advice, the judge will ask and if you haven't he may well refuse your petition.