Second time bankruptcy

Beblong

Hi

This is my first posting, although I have been lurking for many months. I have followed many threads from those of you who are going through bankruptcy and have found lots of useful info.

Like many of you, my debt has gotten out of control and I am now at the point where I am finding it difficult to make even the minimum payments.

I am seriously considering bankruptcy, but I am worried about what a judge would say as I have been bankrupt in the past (1996, so it wasn't even that long ago!).

Can anyone tell me what problems I am likely to encounter if I do petition for bankruptcy a second time.:(

Peter_Pan

Hi Beblong and welcome to the forum

From what i have gathered from posts on the forum a second bankruptcy will be viewed a bit closer and the OR will go more closely into detail when he investigates. I'm sure someone with more knowledge will let you know more soon, in the meantime try having a look at some of the older threads.

Best Wishes

Broken_hearted

It's not viewed well but people do it. So other than a few indepth questions and a lot of stress you should be fine.

MABLE

Beblong wrote: »

Hi

This is my first posting, although I have been lurking for many months. I have followed many threads from those of you who are going through bankruptcy and have found lots of useful info.

Like many of you, my debt has gotten out of control and I am now at the point where I am finding it difficult to make even the minimum payments.

I am seriously considering bankruptcy, but I am worried about what a judge would say as I have been bankrupt in the past (1996, so it wasn't even that long ago!).

Can anyone tell me what problems I am likely to encounter if I do petition for bankruptcy a second time.:(

I'm sure if you bankrupt for the third time and it was circumstances beyond your control that caused it the Judge would no doubt be very sympathetic to you.

Beblong

Thanks guys. I am going to contact cccs later today, just to make sure that BR for the 2nd time would be the right thing to do.

tigerfeet2006

Contacting one of the debt charities is a very good idea (details in my sig. )

The OR will probabably look into your affairs a bit more in depth this time round and it is very possible s/he may give you a BRO/U.

Have you checked out the Debt Free Wanabee board, the Old Style Board and several of the other boards may be helpful for after you go BR to help give you ideas to keep things in check. Obviously I say this with out knowing your full circumstances and I hope I have not offended you.

This is a great board for support so if you have any questions or just need to rant then we are here to help or commiserate or celebrate or whatever.

Beblong

Thanks for the advice Tigerfeet, and no offence taken!

I know that declaring bankruptcy twice in 11 years sounds a bit like carelessness (to say the least), but circumstances are vastly different this time round.

In 1993 we fell victim to rapidly rising mortgage interest rates and, to cut a long story short, our home was repossessed. The bank sold our house for an amount considerably below market value and presented us with a bill for the shortfall of more that £30K - result = bankruptcy!

This time it's because of the usual problems of redundancy, taking a job with a reduced salary, unexpected loss of WFTC & child benefit, plus break up of a 20 year marriage, depression, house move etc, etc, etc.

Facing up to my debt problem is the first step to taking back control of my finances.

ash_bash_girl

Beblong,

My heart goes out to you, first time round it was due to circumstances out of yout control due to impossible intrest rates!!

Second time round, well this ia just pure bad Karma mate, my god!!!

I thought i was going through S*** until i read your thread.

Judges are human the same as we are, and too read through your SOA will make him/her see that it is due to circumstances out of your control!

Hang in there, sending love and lots of hugs to you.

We all have dark places but there is always an energy saving bulb (dalk to start but gets brighter)

Ash x

tigerfeet2006

Sorry just caught up with this.

All the best to you and lots of (((((hugs)))). I think considering the circumstances it would be a very hard OR that would impose an BRO/U.

Please keep posting and we will try and help all we can.