Going bankrupt soon - scared!

maxmycardagain

Hold my hand, lets jump together...lol

TimeToRebuild

First of all well done on getting this far, its a horrible place to be but it gets better, as soon as your BR has been approved it feels better bit by bit.

Every OR is different so there is no right or wrong sum of money.

Even if you pay an IPA its 3 years and you are not getting chased down by creditors.

Take this as a new start and beat the addiction, speak to your wife as you need support around you.

jdavid1982

Thanks for all of your supportive messages and advice.

I will update soon with any progress in the hope that it will help others.

James

$izzle$

My OR was really good, I gave her my figures for household expenses and she said “ no you can increase that to £?”
I am one month from discharge now, the year has flown by.
You will feel a lot better after your telephone interview, knowing that your debts are no longer a problem.
Nobody wants to face BR, it really is a last resort, but we can all get ourselves into trouble with finances for various reasons and like you I gambled due to depression so can now at least sleep at night.
Unfortunately I did have enough left over for an IPA so that has to run for another 2 years, but in the great scheme of things, it was one of the best things I ever did.
Don’t delay it any longer, jump straight in, and this time next week the world will be a different place.
Good luck.

jdavid1982

Thanks $izzle$. Sounds like you were in a similar situation.. Did you get issued with a BRO or is that it done when you get to discharge?

Just sorting out the last few things then will be ready to hit the button soon. I am really worried about if my work will find out about my BR though, will they be told? I dont think I can face the embarrassment..

Anybody got any experience regarding this?

Thanks
James

luvchocolate

You will go on a nil tax code, so no tax will be deducted at work please keep this amount on one side as the O.R will claim this amount you will probably pay this via direct debit.
Your work will not be informed of your B.R but my H.R dept did think that was the reason for my tax code, my situation was different and I did inform my employer beforehand.

Skintnorthernmonkey

You need to massage some figures.

Include some for internet access.

Does your wife have any debts?

You'll be very unlikely to be slapped with an IPA, just be smart with your figures. You WILL have to pay whatever you would have paid in tax to the OR or trustee though. This will be explained to you.


Don't wallow in shame, own it. Going BR, DRO, or whatever doesn't help you if you aren't addressing your problem seriously. I mean this in the gentlest way possible, but I'll be frank.

Are you having counselling for your addiction? If not, get some, and include the expense in your SOA.

Have you confided in your significant other the scale and depth of the problem? If not, you really, REALLY need to, regardless of how hard that will be. That will pay dividends in the long term, hiding it all will only make things much worse and your stress will simply shift from finances to worrying about all of this getting out.

Your employer - large company? I can tell you, catagorically, that no one will give a hoot. My payroll actually got on my side and helped me out a great deal when I spoke directly to someone and laid it all out.


I suspect your stress, depression and issues largely stem from trying to hide things, rather than the issues yo uare actually trying to hide. The BR will be a weight lifted, but you are still carrying around this big sack of bricks on your back and that is what is pulling you down, feeding the cycle.



It is easy for me, as a stranger, to say "do this, do that, say this, say that" when it is you who has to do it. But, if you truly want a fresh start, to be able to draw a line and move forward, then bare all. Those that judge harshly, that walk away, that snigger or sneer are not the people you want in your life, nor are they worth a shred of the stress you have but yourself under. Those who reach out, pick you up, support you and try to help make it right are the ones you want and need in your life, and they are who you should save your emotional energy for.

Stand tall, face this down, you'll find that there's a better man inside you.

jdavid1982

Again thanks for replies all..

Skintnorthermonkey thanks for your advice.. My partner is aware of the situation and does not have any debts herself. Will my BR affect her in any way? I have been talking to someone about my problem/addiction and things are getting better.

My employer is a small close knit company so am worried they will find out about my BR especially when I go on the NT tax code. Can it mean anything other than BR by going on to this tax code or can I say it was for a different reason if asked?

Thanks
James

broaps

If anyone asks tell them you've been paying too much tax and this is how you're receiving the refund. Income tax codes get adjusted for all sorts of reasons. The NT code only runs until the end of this tax year and will then return to normal.

maxmycardagain

MovingForwards wrote: »

Food bill is too high for 2 adults 2 little people.

You are joking........

£600/month or £150/week with 2 kids?

We spend £350 for 2 adults and dont live rich

growing kids eat more and wear out clothes/shoes more than adults