Advice on bankruptcy please! Very scared!

Muttipops

Kerry, from reading on here about the experience that gamblers have had with the OR, the general opinion seems to be that they are not judgmental, they just want to know where the money went.
Also, you are not the first or the last to have tried to gamble their way out of debt, there was somebody on here recently who said going bankrupt was wonderful for him as he didn't have to gamble any more to try and get that big win that would solve all his problems!


As to both of you going bankrupt, when you are a little clearer what you want to do, it is advisable to put on here your Statement of Affairs, so that people can look at your income and outgoings and see if you can max the outgoings such that you get to keep as much money as possible. I do not mean in a cheating way, just sort of that you may not realise that for instance you are allowed to have a holiday fund, money for haircuts, etc, etc. Surprising how it all adds up.

Johnsmith2016

Takeaway points

70,000 debt
No assets
on benefits

Based on this you are likely to avoid an IPA.
Your partner may not. But in any event you will be either paying into a IPA or debt plan - difference is you would no doubt be paying back the Debt plan longer than a 3 year IPA and your debts are wiped after 12 months and it cannot fail.
You have already been paying it 4 years you could of gone bankcrupt and done a 3 year IPA in that time, did you get professional advice at the time and this was the best option?
I was allowed keep car which was worth £1500 so you may be just about ok.
Regarding the BRO - you may or may not get one, as a stay at home mum not working I would not let this be the deciding factor weather to do it or not as it will largely not effect your lifestyle, and all it means is the restrictions are imposed a a few years longer - a small price to pay for wiping all that debt.
You can do it online from April and avoid the trip to court. Get help from CAB filling in the forms.
I am of the opinion and its only my opinion so take is as such, that if you have no assets to protect, are on benefits or single as I was (i know your not) and it will take longer than 5/6 years to repay that debt amount via other methods then bankcruptcy will nearly always be a better option. It took you 4 years repay £5000 so i would say £70,000 will take some time.

Kerry511

Thank you so much guys! Your advice is overwhelming and I feel so lucky to be able to talk here!

Kerry511

As I am still on maternity leave (ends in May) I plan to start the bankruptcy then! Like I mentioned I am not returning to work and will be a full time stay at home mum..... In the meantime I am saving every penny to pay the the bankruptcy fees for me and my husband!

Is there a way others have been posting their statement of affairs on here? If so could you let me know! I will then put it on here as any help to keep as much money as possible would be great!!

I had the car valued and surprisingly it as valued at £924 low I feel, however it's a zafira and they have been recalled due to fires so that may have devalued it! :-(

In the meantime guys I would love to hear if you went bankrupt and your situation was similar to mine! Or even if it was not! Other experiences may be helpful!

I don't feel as scared as I was after talking with you all!

THANK YOU ALL FOR YOUR SUPPORT AND ADVICE!!

Johnsmith2016

http://debtcamel.co.uk/hard-choices/long-dmp-vs-bankruptcy/

Kerry511

John smith

That makes so much sense! I really wish I had done it sooner!

Thank you for support kerry:):):)

Kerry511

Muttipops

That would be great I will do as soon as I know how! Thanks again x:)

Kerry511

Fermi


Thank you for your messages. They have given me hope! :-)

fermi

Most important thing to take from here is please go off and get some free professional advice.

http://www.moneysavingexpert.com/loans/debt-help-plan#help

I&E link is here:

http://www.stoozing.com/calculator/soa.php

Kerry511

Guys do you know where or not the OR will check my credit file. The reason I ask is I have a contract phone so does Hubby. Can I not tell them about these and use other expenditure the cover the cost like telephone landline etc!? Or will they check our credit file and see them on there?

The direct debits for the phones come out my sisters bank account! So there would be no trace of them on my bank statements!

Thank you xx