Bankruptcy Order received, phew

chickpeaz

Just absorbing the fact that my Bankruptcy Order has now been made and I'm waiting for the OR to get in touch hopefully this week. It's quite strange not knowing yet how much they'll let me live on/when my bank account will be frozen/will I have to pay into an IPA etc. so just sitting tight now and waiting for The Interview :eek:

What led me to this situation in the first place is still sinking in. I set up and ran a promising-looking business for several years, it struggled at times but always looked like it was about to do really well, so I bailed it out numerous times using credit cards thinking I'd pay them back when the company started turning over loads of money, like everyone around me seemed to think it would. I'd always managed pretty well just transferring balances on cards to new ones when the 0% introductory offers expired. Just as the business started to do properly well I got forced to liquidate by a creditor who demanded an unexpected and huge payment immediately (it's a long story and lawyers were involved). So I was left with no business and £33K of debt which rose to £36K with interest.

It's scary how easy it was to get into so much debt, I had five credit cards and at one point I'm sure I was getting at least two of those 'transfer cash to your bank account now' letters in the post every week. It seemed like a perfectly normal thing to do at the time and I was so desperate for the business to work. Obviously I have now learnt how not to run a business :doh: and all I can do is try to share what happened to me, to help others avoid doing the same...

It's only now I that I have the letter confirming I'm bankrupt that I can see how much debt had been affecting me on so many levels - worry, stress, sleepless nights, depression etc...now all feels like it's lifting and although I suppose this year (or three) won't be so easy, I am so grateful that bankruptcy is an option. And this forum has been a HUGE help, thanks everyone.

debt_doctor

Hi,

Good to see that your bankruptcy is lifting the stress you were once under. To me, that is the primary objective of bankruptcy.

DD

maxmycardagain

chickpeaz wrote: »

It's scary how easy it was to get into so much debt, I had five credit cards and at one point I'm sure I was getting at least two of those 'transfer cash to your bank account now' letters in the post every week. It seemed like a perfectly normal thing to do at the time and I was so desperate for the business to work. Obviously I have now learnt how not to run a business :doh: and all I can do is try to share what happened to me, to help others avoid doing the same...

.

10 years ago i was a Ltd company turning over £150K/year

I dissolved that then quickly I was £65000 in debt, ! customer hit me for £18,000 going under and dragged me down

I paid my subbies off, at great cost to myself but there was no way they have should suffer