Going bankrupt

SeasideSkint

Hi everyone, I hope you can help.

I’ve decided to go bankrupt. It’s not a decision I’ve taken lightly, and definitely one I wanted to avoid, but it really is the only option for me. I owe between £60k-£80k, I have no assets and have been unemployed for the last 6 months (although not through lack of effort) and I’ve decided to face the reality.

I’ve not been on top of my debt for years. It’s nigh on 10 years to be precise. Without going into too much detail, over the last decade or so, I’ve had many emotional and personal problems which left me feeling unable to deal with anything. I’ve also not been up front with any of my debtors about my contact details, I’ve moved many times and I guess they lost track of me. Due to my state of mind, I also wanted to just run away and escape - I honestly couldn’t handle any stressful or confrontational situations. I know that may seem a coward’s way out, and maybe it is, but I really wasn’t able to face up to them mentally or financially. I’m definitely not proud of my actions, but it is what it is and now I want to put an end to it.

My problem is that I have no idea who I owe money to or how much. It originally stemmed from a failed relationship where we bought a house in 2005 and sold in 2009 (thanks to the recession, it was a bad but necessary choice), a few personal loans, and then escalated to payday loans. I honestly lost count of how many. I haven’t checked my credit report due to ‘ignorance is bliss’ and also fear of being tracked down but I know I have at least 2 CCJs against my name.

I’ve done a lot of research on what I need to do, but have found some conflicting information and would be grateful if someone could clarify.

Q. Some of the debts on my credit report may not show as they’re over 6 years old and the creditor may not have taken any action. What would happen if I filed for bankruptcy and omitted these (due to ignorance rather than being intentionally misleading)? Would I be able to add them at a later date if they came to light or would they automatically be included by default?

Many thanks for any help you can give.

Ps, I realise I rambled on a bit, but this has been hanging over me for a decade and I’ve never mentioned it to anyone. It honestly feels a welcome relief to get it off my chest, albeit to a forum of strangers!

Minkym00

All debts prior to your bankruptcy order, except for some exceptions, will vest in the bankruptcy. The only ones that don’t vest are secured loans, student loans, debt obtained by fraud and child maintenance payments.

You can only do your best to find all of your creditors and just be honest about it. If a creditor does not appear on your credit file then the OR won’t be able to find them either so they won’t get a notification of your bankruptcy. But if they ever do find you in the future, you just tell them about your bankruptcy and that’ll be that.

Momofthree_2

Anything before the date of bankruptcy will be included except for anything fraudulent. If anything is joint, the full debt will still be liable through the other party.

Don't worry too much. Its quite a straight forward process & if you explain to your official receiver you havent got full information they will help you.

Although this part is stressful i promise that in most situations it is the best way forward & will give you a fresh start & will allow you to stop worrying. I feel so much better, can sleep again, im not scared of my door knocking, phone ringing or when the postman comes. Its allowed me to start enjoying my life again.

My advice would be get it over and done with. I waited 7 months before plucking up the courage and now i can say i wish i had done it earlier!

These forums are amazing for advice & support
Good luck
L