Thinking of goig brankrupt - what happens?

huskiewales

Hi guys,

I'm new to the forums but have been reading a few of the threads.

I've been in financial difficulty for about 5 years now, I owe about £25k to various creditors and have no way to pay back (which doesn't leave me pretty much broke).

I can't cover any significant payments on my wages and the only perceivable way I can be debt free is by going bankrupt. I keep changing jobs so that I can avoid paying a CCJ I have for £13k (included in the £25k amount) I know this is naughty but I can't afford the £90 a month they take automatically from my wages. Also, I haven't made a proper payment on any of my debts in about 4 years, basically moving about the country so they can't find me

I have been a bit extravagent in my spending and I know I'm entirely to blame - however, I also think the bank is partly responsible - they gave me a loan for £12.5k with no proof of earnings, when I was 18 years old, only just old enough to get credit! I also got issued a platinum card with a £3k spending limit at the same time.

I've noticed there isn't the same level of stigma along with going bankrupt as there was a few years ago so it is something I'm seriously thinking about doing.

My questions to those of you have recently declared bankruptcy are:

How do you go about doing it?
What's the process?
How long does it take from you handing in the bankruptcy forms to actually getting officialy declared bankrupt?
Do you still get hassled from your creditors?
Does the court request payments to be made from wages?
If I go brankrupt, do I still have to pay my CCJ or does that get included in the order?
Are bailiffs ever involved and will they come and seize things like TVs, PCs leaving you with just the bare essentials?

I'd be grateful for any advice any of you guys can give me. I'm currently saving for the £450 needed!

Cheers.

tealady

Hello If you post this on the bankruptcy forum there will be loads of people there who will be able to give you expert advice.

huskiewales

Hi Tealady,

I've realised the error of my ways and have reposted in the correct section! Thanks.

***REQUEST TO MOD - Please remove this thread as it has been re-posted here: http://forums.moneysavingexpert.com/showthread.html?p=6955951#post6955951
Thanks

wherediditallgo

Hi, I've seen your post in the Bankruptcy forum, & have given you a more lengthy reply there.