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Bankruptcy approved, a fresh start awaits

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After nearly 2 decades of financial chaos, I’ve finally grabbed the bull by the horns and taken charge of my future.

To give a little back story, my partner died 15 years ago of alcoholism related illness and I was left caring for not only our shared child but also his 3 from a previous marriage. Unemployed and unable to find work that fit around the children, with no prospects of earning enough to afford childcare, my finances spiralled even more than they had when supporting a “multiple bottles of scotch a day” addiction and I accrued debt that has persistently plagued me ever since. Eventually the step children moved on, and I started a business which kept me going but was never successful enough to get me out of the hole.

Fast forward a few years and a combination of pressures from the pandemic, Brexit and the start of the cost of living crisis forced me to close down the business. I found work, but as my employer has been struggling nearly as much as I had been my hours have been very hit and miss, meaning over the past year my situation has got even worse to the point where I wasn’t even able to cover the household bills never mind tackle the debt.

I eventually pulled the trigger at the start of the year, and my bankruptcy was approved. A clean slate, a fresh start.

In the past week it’s as of an enormous weight has been lifted from my shoulders, no more debt collector calls and letters, no more bailiffs at the door, no more hiding away. I’ve been able to set up payments for my utilities again without the millstone of enormous debt that has built up, and just today the OR has contacted me to confirm I won’t have an IPA.

I’be also managed to find a new job, just waiting for the DBS check to come back and then I can start - it’ll give me the security of regular hours, and whilst the pay is nothing special it means I’ll be able to keep my head above the water, pay my bills and put food on the table. I get a little support from universal credit as my youngest is still at home, and whilst the new job will mean an increase in wage I still shouldn’t have an IPA to worry about.

A massive thanks you to everybody who’s inspirational posts have helped me find the strength to do this, and to those of you like me worrying about how to make that break and give yourselves a future, please know that there is hope and you will get there. I did, so you can too.

11.5 months until complete freedom, and who knows maybe I will eventually be able to retire after all. 🤞❤️

Comments

  • RAS
    RAS Posts: 33,086 Forumite
    Name Dropper First Anniversary First Post
    edited 10 January 2023 at 8:54PM
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    You've had a really tough time over the last couple of decades. 

    Make sure all your income streams go into your new account, and start building yourself some sort of emergency fund as soon as you are able too. 

    No doubt you've learned to make a pound stretch like three, but do explore the other forums for tips that might help you have a little more to enjoy.

    Thanks for sharing and the very best wishes for the future.
    The person who has not made a mistake, has made nothing
  • S00190
    S00190 Posts: 14 Forumite
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    It’s a great feeling isn’t it. I was made bankrupt on 7th December. I only had the narrative statement sent to me a week ago to sign due to the Xmas period which was great as I had done most of Xmas shopping and no worry of my debts as normal and by next Xmas I will be discharged. So I’m not sure what happens next or if it’s just a case of sit back and wait forDecember. My only issue at min is done UC deductions that were taken after the order date which they and my supplier refuse to refund even though they are no longer entitled it so I’ve asked the OR to get involved. 

    I still have creditors threatening to take me to court for a CCJ etc as they seem to be ignoring the bankruptcy order and still pressuring me for payment so I tell them I would like to see them try but I will see them in court if they do as the judge would probably throw it out anyway.
  • fatbelly
    fatbelly Posts: 20,919 Forumite
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    Yes, you just respond to any claim form by ticking 'defend in full' and stating your bankruptcy number and date.


  • sourcrates
    sourcrates Posts: 29,310 Ambassador
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    Congratulations, and well done on sorting your life out.

    Good luck to you.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • TripleH
    TripleH Posts: 3,019 Forumite
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    Location depending, take a walk outside in a park / the countryside / the beach.
    Breath the air in deeply and see that it tastes better now you have freedom.
    May you find your sister soon Helli.
    Sleep well.
  • finallyfree23
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    12 months on, and that freedom is final!

    Discharged a week ago, and what a peaceful year it's been without the constant stress of creditors chasing and worrying about bailiffs knocking on the door. Just one DCA popped their head above the parapet, ironically the day after discharge. Hope they didn't pay too much for that uncollectible account! 

    A few months ago, thanks to Martin's excellent advice, I also received a pretty life changing sum of money for backdated widows parent allowance. The OR were happy they didn't have any claim against it as it was a benefit payment, and so now I can get on with the rest of my life safe in the knowledge that I never need to dig myself into this mess again. 

    For those of you just setting out on this journey, I know how daunting it can be but please know that there is light, and freedom at the end of that tunnel. 
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