advised to go br by stepchange what to expect

roxiesnooks85

Hi I have been dealing with my debts for the last 9 minths and due to havijg to stop working to look after my daughter we can no longer manage a dmp. We have been advised by stepchange to apply for bankruptcy which to be honest is a relief I just want to get it done and out of the way and eventually start being able to live without fear of who is knocking at the door and how I continue to meet everyone expectants for repayments.

anyway basically I need to know everything you can tell me about the orocess how ling it takes what to expect and also any help with feees as we dont have any savings cant lend any miney from family and are on a low income.

I am cutting back on everything I can and also selling items and trying to make small amounts of money where I can but cant eork properly because of my daughter

thanks in advance

arcon5

Do you rent or have a mortgage?
If the latter do you have any equity in the property? And do you want to stay in it or rather move and be done with the mortgage?

It's often advised that once you are certain BR is your best option that you stop making repayments to your debts, including your DMP. Then use the money to save up for the fees to go BR.

roxiesnooks85

Thank you for your advice I have stopped paying the dmp as I just cant afford it at all.
We rent from local authority and although it would be nice to own our own home we are realistic that it is unlikely to be a step we can make due to finances and salaries in the long term.
we have learnt a lot about budgeting and living within our means and at this point we are ready to make the commitment to have a fresh start and be more wise and savvy with our money to ensure a stable and secure financial future for our family and to be good role models to our daughter.

luvchocolate

Hi if you follow the links on the br board and also read everything on the insolvency service website you will have a basic knowledge of how it works, then come on here with things you do not understand/ Also call one of the debt charities...step change etc and learn, read as much as you can.
Good luck...it can only get better x