Bankruptcy....WHY NOT??!

DEBTMONKEY1A

Hi all,

I post on the BR & living with it thread. I also check this thread & see that so many of you are really really suffering, having your whole life consumed by cutting back here, full & final settlements, rights of bailiffs.....WHY??!! I realise that Bakruptcy is not for all but on looking through the posts/signitures ('debt free x 2012 etc...) I can't help thinking the pride/martyr bit gets in the way.

It's legislation bought by our government, is legal & is a FRESH START. After all-if you're behind with loans/have defaults then your credit rating is shot for 6 years anyway!!!

I had over £120k unsecured debts (admitidly £8ok was for a disputed 'shortfall' in a mortgage from EIGHTEEN YEARS ago!) & was behind with tax/ni for many years.

On the advice of CCCS & PAYPLAN/CAB went BR in June-EASY! Yes-it took some courage to do but I needed to look after myself-what price sanity/mental health agianst 'doing the right thing' & making yourself ill for years & years?? 1/23 hour in court-2 hour meeting with OR (nice man!)-JOB DONE. They've reccomended me for early discharge so will I hope be relaeased from BR before xmas.

I feel 20 years younger. This is not meant to be an inflamatory post on here but I went through the 'doing the right thing'/martyr bit'. The banks will screw you without thinking....

Why not start again?? Ditch the guilt & go BR. It worked for me.

pinkkat8910

Hmm ... my mother always told me if you can't say anything nice don't say anything at all *keeps incredibly quiet!!* :shhh:

Broken_hearted

Why not? because some of us want to pay back the money we spent and bankruptsy should be a last resort not a first choice.

spud30

:silenced: :silenced: :silenced: :silenced: :silenced: :silenced:


:shhh: :shhh: :shhh: :shhh: :shhh: :shhh:

x_raphael_xx

I spent the money, I'm paying it back.

livinginhope

Didn't want to rise to the bait,but I had to LOL! it isn't always about wanting to pay the money back and doing the 'morally right thing' if I went BR I would have no home and no hope of renting anywhere,pets and all! the debt isn't totally our fault,so why should we give up everything just for a clean start,BTW,life after BR isn't easy and I think the life we are leading right now is MUCH better than going BR.We are not 'insolvent' our assets are more than our debts,so forn outsiders looking in,we should go BR,but in reality we shouldn't.
If I were you,i would respect other peoples wishes,what is right for one won't be right for another,you have chosen BR,that is YOUR choice,others have their own reasons for NOT choosing BR,that is their choice,live and let live
LIH

hypno06

livinginhope wrote: »

Didn't want to rise to the bait,but I had to LOL! it isn't always about wanting to pay the money back and doing the 'morally right thing' if I went BR I would have no home and no hope of renting anywhere,pets and all! the debt isn't totally our fault,so why should we give up everything just for a clean start,BTW,life after BR isn't easy and I think the life we are leading right now is MUCH better than going BR.We are not 'insolvent' our assets are more than our debts,so forn outsiders looking in,we should go BR,but in reality we shouldn't.
If I were you,i would respect other peoples wishes,what is right for one won't be right for another,you have chosen BR,that is YOUR choice,others have their own reasons for NOT choosing BR,that is their choice,live and let live
LIH

Same for me.

Broken_hearted

Well said livinginhope.

Treadstone009

Not a nice feeling having loads of debts.but its not a nice feeling knowing that you've basically failed in relation to handling finances effectively either i.e declaring bankrupt, wouldn't you agree?

I'm glad i went bankrupt at a young age i think going bankrupt in your 30's and 40's with kids and houses to consider etc must be a real ball ache.

Its sly in a way how the banks treat people though, you cant just rack up a large ammount unsecured buy a couple of cars and live the life of riley in a short space of time, it all takes time to build up at which point you've paid a reasonable ammount in interest anyway.

livinginhope

Treadstone009 wrote: »

you cant just rack up a large ammount unsecured buy a couple of cars and live the life of riley in a short space of time, it all takes time to build up at which point you've paid a reasonable ammount in interest anyway.

Not always our debt was accrued in just 5 months :eek: with the bank's blessing and advice.
LIH

Gemmzie

We'd lose our house