Bankruptcy....WHY NOT??!

DEBTMONKEY1A

I agree it's noble to want to pay it back....but if it's the best/quickest way to release yourself from the pressure (& not make yourself ill in the process)-why not?? I say morals are nothing compared to your own health/life. I did say it's not for everyone-especially if you've got a house/kids/equity....but for SOME on here it could be the answer??

Treadstone009

livinginhope wrote: »

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

Care to mention how though, just seems strange you would be able to rack it all up like that and then suddenly decide to go on a dmp for 57 years,

livinginhope

Treadstone009 wrote: »

Care to mention how though, just seems strange you would be able to rack it all up like that and then suddenly decide to go on a dmp for 57 years,

We didn't suddenly decide on doing a DMP for 58 years,the debt was accrued following a major house fire,we were underinsured and this was basically the shortfall in insurance,big mistakes were made in the claim handling,with different companies out to make a quick buck,after they had got their cut,there was nothing left to cover the major works,rent on temporary house,deposits and all furniture,clothes etc.The bank was advising us along the way,they were told by the insurance company that the money would be paid back to us,but it wasn't,so a DMP was the only way out,we were not ready to lose our house again.
There,nothing strange,just life being cruel!
LIH

spud30

Do you know, I dont think any of us would dream of coming onto the Bankruptcy Board and start questioning your decisions or circumstances.

I just wonder why you feel the need to do that to us

hypno06

My house fell down and we had to rebuild - found out the full extent just 3 weeks after we moved in. Tried to sue the surveyor who did a "full structural survey" for the house purchase, who found nothing more than a bit of damp around the shower! All we got out of it though was £4000 as a goodwill payment - didn't go far on the rebuild though! Because we had already bought the house with a 95% mortgage and it was then basically worthless once the defects came to light, we had to borrow the money on cards and loans to fund the rebuild.

Sold the house when it was done because we hated it so much by then, but of course it didn't cover the majority of the debt, which we still pay.

rog2

I think that DM's thread trivialises what is, after all, a very serious subject.
Yes, Bankruptcy CAN be a solution for somebody who is 'hopelessly in debt' for whatever reason, and has no reasonable chance of resolving their situation.
For some people Bankruptcy may not even be a 'choice' - creditors can petition for the bankruptcy of any creditor who owes them more than £750. For these, bankruptcy is not an easy option - before a creditor will petition for a debtors' bankruptcy, that creditor will usually have ascertained that the debtor has sufficient assetts, eg equity in house, for them to stand a reasonable chance of getting their money back.
Whatever leads to bankruptcy, there are often long-term repurcussions for the bankrupt - not only in terms of obtaining future credit (this, by the nature of the credit industry, is often the least of a discharged bankrupt's worries) but problems with employment, renting and even personal relationships are commonplace.
I also post on the 'Bankruptcy and Living with it' board, and everybody can see, from my signature, that I have recently been discharged from bankruptcy. I have been supported and helped immensely by fellow posters on both DFW and Bankruptcy boards, through what is probably one of the toughest periods of my life. Even though I have been discharged from bankruptcy I am STILL likely to lose my home, so it's not all plain sailing.
I would have preferred NOT to have gone through bankruptcy - even now I wish I could turn the clock back, but I can't and I accept that. I am full of admiration to those posters who are manageing to repay their debts, often over very long periods and at great personal sacrifice.
Whilst often asked for advice as to whether a debtor should, or should not petition for bankruptcy, I would seldom give a direct answer as every debtor's situation is unique and their particular solution will require professional, independent advice, which I do not feel qualified to give.
So, to DM I would say - I'm pleased that bankruptcy has given you a fresh start - it was obviously the best solution to your particular debt situation, but it may not be right for everybody.
On the bankruptcy board we ask for, and, by and large, get, understanding and respect for our situation. Let's try and show the same level of respect to others.
Sorry for going on a bit.

fermi

I wasn't going to post on this thread, but from someone else who has declared themselves bankrupt I wholeheartedly agree with the sentiments in rog2's his post.

betterlatethannever

Here here Rog and Fermi
Oh and Spud we do get 'certain' people' coming over to the Br board and starting trouble...a lot i'm afraid!

spud30

betterlatethannever wrote: »

Here here Rog and Fermi
Oh and Spud we do get 'certain' people' coming over to the Br board and starting trouble...a lot i'm afraid!

I'm sure it's none of the DFW regulars BLTN.

madoldbat

betterlatethannever wrote: »

Here here Rog and Fermi
Oh and Spud we do get 'certain' people' coming over to the Br board and starting trouble...a lot i'm afraid!

I have to agree with BLTN and support Rog and Fermi .
Rog you gave a very clear and balanced argument.Thank you.