Can't afford to go bankrupt?

sillygraduate

Okay, so long story short...

£10,000 for a career development loan....and £2000 overdraft from my uni years (plus a credit card of £358).

I'm unemployed and can't afford to pay this back at all. Even if I didn get a job it'd be some rubbish one because despite taking a 10 grand loan to attend one of the best schools in the world, I can't find a job that will pay above minimum wage.

I want to go bankrupt but I am being told that I should be unemployed in order to clear it for a years time....however, I have no way of feeding myself for a year without a job?!

My credit rating is very poor and I cannot get a loan anywhere. I just got fired from a job I had (for a month) and I am applying under pretence that I still have this job. I just desperately want to go bankrupt and clear this but how can I support myself for a year without income? That's why Im going bankrupt!

Ideally, I'd take out maybe 8/10 grand...be clever with it and then declare bankruptcy with that as an egg nest for the year to live from. Sorry if this look conceited. Im just desperate.

Are there any loans or grants I can get to see me through bankruptcy?

Thanks,

mattannar

Are there any loans or grants I can get to see me through bankruptcy?

lol

fermi

sillygraduate wrote: »

Ideally, I'd take out maybe 8/10 grand...be clever with it and then declare bankruptcy with that as an egg nest for the year to live from. Sorry if this look conceited. Im just desperate.

Are there any loans or grants I can get to see me through bankruptcy?

Thanks,

Not going to work. You would likely land yourself with either a bankruptcy restriction Order/undertaking for x years, and/or the OR would claim the money as an asset in your bankruptcy. Try to put it out of reach of the OR, and you will be in a world of trouble.

You don't need to be unemployed to go BR. If you have surplus earned income, you might just be asked to pay the surplus as an income payment agreement.

Who have you taken advice from? Sounds like you haven't taken any from a reputable source?

See: IMPORTANT - Where to seek professional impartial advice about your debts.

datcat

If that is the extent of your debts then why not consider a DRO. I'm not as well informed as some around here, but as I understand the basics are
Debts of 15000 and under
No assets
After all expenses met no surplus of £50 or over
I know there is more than that, but whereas a B/R costs over £700ish a DRO is reachable

sillygraduate

My aim would be to keep it well out of any of my accounts. Take it out gradually and store it somewhere safe. Then id declare bankruptcy and show a thread of gambling therapy sessions - silly maybe.

I've spoken to Citizens Advice..bear in mind, Im in Scotland and I think things are slightly different here.

He asked if I was unemployed, I said yes and he told me that I could clear it in a year but Id only be able to earn something really small per week and even then its not advised because if you are seen with any decent amount of income coming through, it cancels the bankruptcy.

Poor credit...no way of paying things off...cant get a loan...but cant afford to be bankrupt for a year if i means i cant have an income to support myself...

rossireps

I think doing that is silly and decietful and as fermi said if found out you would get into serious trouble. i dont know enough about ipa as i never had one but do know the unemployment does nothing for your your self esteem,so avoid that if you can

MartynK

Would a CDL even been included in a Bankruptcy?

I thought you couldn't include student loan type things, although I admit a CDL might be different?

Wouldn't applying under the pretense you are working mean you'd be expected to pay monthly repayments even if bankrupt? Then if you weren't working get in more trouble?

Getting a loan out? :rotfl:
Isn't gambling debts another thing you can't put on a bankruptcy? Wouldn't they suspect you'd gambled money if you said you were attending therapy?

Its been about 10 years since I went bankrupt so the above could be totally inaccurate.

sillygraduate

This is why I am asking for advice. I am unsure about this part.

All I know is that Citizens Advice are advising me to be unemployed for the year but find a way to support myself. They suggested benefits but it seems pretty miserable. They said that if I was employed, and the income tipped in to the red area, it could cancel my bankruptcy.

This is why I worried to be employed and worried about how I will survive a year of bankruptcy with no money.

MartynK

I would of thought if the income tipped into cancelling the bankruptcy you'd be able to afford to live and pay back the loan and minimum payments anyway?

sillygraduate

Not if your wage is like 14500k.

I can barely afford living as it is. I live hand to mouth but if the OR don't see it that way then Im in trouble. C.A told me that it would have to be less then 200 a week in order to remain safe.

sillygraduate

MartynK wrote: »

Would a CDL even been included in a Bankruptcy?

I thought you couldn't include student loan type things, although I admit a CDL might be different?

Wouldn't applying under the pretense you are working mean you'd be expected to pay monthly repayments even if bankrupt? Then if you weren't working get in more trouble?

Getting a loan out? :rotfl:
Isn't gambling debts another thing you can't put on a bankruptcy? Wouldn't they suspect you'd gambled money if you said you were attending therapy?

Its been about 10 years since I went bankrupt so the above could be totally inaccurate.

CDL loan is with barclays bank...so yes it counts.

Getting a loan out seems to be what celebrities etc do? Is that not a clever way to go?