Is BR the right option? Please help, new here! 9 June 2020 at 10:31AM in Bankruptcy & living with it 24 replies 811 views

MIJ1986

Hello all,
I'm new here and didn't know where else to turn!

My situation:

I currently work 2 jobs, my main office based job full time and 12 hours per week in the evenings at a local supermarket.
I live with my dad and his partner. Last year my dad was diagnosed with bowel cancer and heart failure, and last week was diagnosed with deep vein thrombosis.
I stay at home Mon-Fri while working and then stay at my girlfriends 30 miles away at weekends. Was hoping towards the end of next year that I would move in with her and find new work in that area.
I will be losing my day job at the end of July which means I will only have the evening job to live on.
I will be earning roughly £350 per month but have roughly £30k of debt


With both jobs on the pay i was on it would take about 2.5 years to clear my debt but with only the evening i wont even be able to make minimum payments

Is going bankrupt the best way for me?

Any help would be very much appreciated as i dont really have anyone to turn to.....thank you

jayzor

Your first port of call should be to reach out to someone like stepchange, they will be able to go through everything with you, so i recommend giving them a call. 

sammy32683

Yea do the calculator on step change but if your pay is 350 and debts 30k and you have no real prospect of your wage going up soon I would imagine bankruptcy would be what they recommend. I was on 1800 with 55k debt and couldn't manage but everyone is different so seek some advice and then decide what is best for you. 

[Deleted User]

Give it a few months, just worried if you do chose rashly you might not be able to go back and reverse whatever you do.
(Of course try for expert advise) 

SkintSquaddie

I wasn't too dissimilar to you I was making ends meet but then I lost my job due to Covid 19. I thought now would be the time to do it I applied on the 20th May and at 0730am the next day I had an email to say my bankruptcy as been accepted. I had no assets and was allowed to keep my bank accounts open, no interview is needed for me and no IPA so all in allow my experience has been quite pleasant and I'm actually not stressed day to day anymore. So if you have no assets then bankruptcy to me would be a valid option.

MIJ1986

I have spoken to citizens advice regarding this issue and they have suggested that I should try and find any full time Monday to Friday job so I can still work that and my evenings at the supermarket.
They say I should then enter a DMP and suggest I can pay £800 per month and see if they can get creditors to freeze interest and charges and then it would take 3 years for me to pay it off and once the 3 years is up im fully debt free.

Would you think this would be the best option for me as I could try and do that and then look to move in with my girlfriend in 3 years time debt free and get a job closer to her home to contribute towards bills......

any help please give your thoughts......

MIJ1986

Hi all,

From my understanding from reading online and advice I have been given It looks highly likely that I will be needing to apply for bankruptcy within the next few months.
I work 2 jobs, my main job and at a supermarket a few evenings per week but will be losing my main job at the end of next month.

I will only be earning roughly £350 per month so will no way be able to pay my £28k of debt off.
I could try and look for a new daytime main job but will definitely be less than what I currently earn, or just stay in the evening job and declare myself bankrupt.

I'm just trying to understand.....
I will be bankrupt for 12 months so I can continue to live with parents and work my supermarket job in the evenings.
But then what will happen after the 12 months is up?
What hold will anyone have over me? 
Can I then look to move addresses and live with my girlfriend and get a full time job then or will someone be able to take any money out of what I earn?

I'm just so confused as to what I am/aren't allowed to do after the 12 months (I know I would have to inform the official received of any changes during the initial 12 months)


I just want to move on from this life and start a new life with a future and things to look forward to

Any help/thoughts would be very much appreciated

Thanks for reading

MIJ1986

Hi all,

From my understanding from reading online and advice I have been given It looks highly likely that I will be needing to apply for bankruptcy within the next few months.
I work 2 jobs, my main job and at a supermarket a few evenings per week but will be losing my main job at the end of next month.

I will only be earning roughly £350 per month so will no way be able to pay my £28k of debt off.
I could try and look for a new daytime main job but will definitely be less than what I currently earn, or just stay in the evening job and declare myself bankrupt.

I'm just trying to understand.....
I will be bankrupt for 12 months so I can continue to live with parents and work my supermarket job in the evenings.
But then what will happen after the 12 months is up?
What hold will anyone have over me? 
Can I then look to move addresses and live with my girlfriend and get a full time job then or will someone be able to take any money out of what I earn?

I'm just so confused as to what I am/aren't allowed to do after the 12 months (I know I would have to inform the official received of any changes during the initial 12 months)


I just want to move on from this life and start a new life with a future and things to look forward to

Any help/thoughts would be very much appreciated

luvchocolate

Hi if you have no surplus income and sounds like you won't..an IPA will not be set up. 
So after 12 months if there are no changes then that's it...your home and dry..get another job and earn more with no problem. 

So best to keep income to a minimum for the first year then after discharge get on with your life 

MIJ1986

luvchocolate said:

Hi if you have no surplus income and sounds like you won't..an IPA will not be set up. 
So after 12 months if there are no changes then that's it...your home and dry..get another job and earn more with no problem. 

So best to keep income to a minimum for the first year then after discharge get on with your life 

So for example after the 12 months (Is it definitely 12 months a bankruptcy would last and no longer?), I could then relocate where I live to live with my girlfriend and get a new full time job for £20k per year and that money would literally be mine or is there any more that could happen after that 12 months apart from it being on my credit history??

luvchocolate

That's correct