Bankrupt....

[CaptainBob]

Hi all

 

I was today declared bankrupt, and am soooooo relieved that the mess I managed to get myself into is finally getting sorted out.

 

Papers filed first thing, hearing took about 5 minutes (judge was strict, and as from my previous posts you will see that I owed around 140k in unsecured lending across cards, loans and overdrafts). Judge did, of course, make me feel quite bad by telling me that I could be considered "reckless" (even though I have tried to get myself out of debt by getter better paid jobs etc), and that I could be prosecuted! When pushed on this he said that it was his opinion I had obtained monies by deception in running up such a large debt that I would never realistically have been able to repay. He did also say that luckily for me, it's not down to him to make that choice, all he can do is say yes or no to the BR petition, and there was no doubt this had to be a yes.

 

Made me feel about 2cm tall.

 

the O.R. on the other hand was fantastic. Had to go straight there after court, had a face to face, went through everything in greater detail (about an hour), and then told me what was and wasn't at risk. At the end of it, I have several bits of additional information to gather for him, and then have to go back in a couple of weeks for another interview.

 

Anyone else felt really bad after seeing the judge? I guess ultimately, he is trying to demonstrate the seriousness of BR, but to mention prosecution really threw me. I was under no illusion how serious a step this was before going in there.

 

Also would like to say thanks to everyone on this forum who has been a great help, and made this a lot less daunting. Plus - can't recommend National Debt Line enough as well. Takes a while to get through to them in the current climate (no surprise) but worth it!

 

Day one of a new start.... Now have to deal with the striking off of my ltd company, and I suspect thats going to be whole fresh saga!!

[tonycee]

Enjoy the rest of your life Captain.

 

Yes i think the judges have to give you a lecture otherwise how can they justify their £150k PA Salary .

 

Who cares what he thinks, like he said, its nothing to do with him.

[palomino]

Don't worry personally about the judge's comments - he's only reinforcing his prejudices.

 

However the blatantly moralistic stance is worrying.

[stressed out paul]

hi i also went to court yesterday and was declared bankrupt ... two mins with judge asked if i had had advice from someone then read my reasons for bankruptcy then said you certain you want to do this i said yes he said ok your now bankrupt ... so much easier than i thought it was going to be everyone in court treated with utmost respect my debts were 75000 hope the OR is as nice when see or speak to them... any good luck

[Britainsworstdriver]

I was very anxious when I read the OPs story here. It sounds like that Judge was a bit mean to say the least. I feel more comfortable knowing that some are actually just professional and seem to realise that we didn't plan this mess!

 

I hope both of you can now move on and put this behind you. Please do post up how the OR goes. Particularly with regards to assets. Do they empty your house out? Do they sell the kids to a seady knocking shop in bankok? Or are they only interested in Antiques Roadshow type things?

[AA99]

Subbing to this thread! I have been on the verge for about 6 months and getting tired of the paper/telephone/acts slog with 8 creditors now. Have been treated like a t**d since it all started. We are private tenants, living on benefits only and have children. Would it be easier to jack it all in, what are the pro's and con's now that you've done it:confused: I never want a mortgage and don't have any assets, except for my great-grandmothers engagement ring which I wear on a finger that will get put somewhere nasty if I have to deal with Debt Collection Agencies much longer:-o

 

How does bankruptcy actual affect your day-to-day life ?

[tonycee]

 

How does bankruptcy actual affect your day-to-day life ?

 

Hi AA99.

 

Bankruptcy is not right for everybody.

Although it can be a great relief many.

If you start your own thread listing as much info as poss, I.E. debts and amounts etc, we will endeavour to help as much as possible.

[AA99]

Thank you tonycee, I would post up my I&E but suffice to say, we are living on benefits only right now so there is nothing left over to pay anybody, but they don't seem to want to know. If a catalogue company can phone me to tell me I must pay min.payment by 5 April and they are charging me £10 to phone me and tell me that on 20 March, then they can all go to blazes

 

The real sharks are the credit cards with increasing the interest rates and raising charges on charges and hounding consumers for their own charges.................

[gizmo111]

Some info on BR here http://www.consumeractiongroup.co.uk/forum/formal-solutions-bankruptcy-administration/56970-insolvency-dealing-debt.html

[CaptainBob]

Hi AA99 - please believe me when I say, and when everyone you speak to says - BR should be the absolute last resort. Do the I&E - don't worry about how little is left. Make the pro-rata offer to all of your creditors of what you can afford, and pay it. Even if it's a pound or less. Write to them, insist that any correspondence from them is in writing (and if its anything like my 11 creditors, they will phone all hours of the day (8am - 9pm), every day, 7 days a week - just be firm, and polite. 9 times out of ten they hang up if you refuse to give your postcode/dob/shoe size/waist size etc). If any of them decide to take you to court, as long as you've been spot on in your I&E, the judge will only order you to pay what you can afford.

 

BR is a release from overwhelming debt. Definitely not to be taken lightly as has many consequences for a long period of time. Explore all avenues first. Speak to National Debt Line - as mentioned in my post, I cannot recommend them enough.

 

Don't be concerned with how creditors treat you or speak to you - you are doing your best. Majority of the phone collectors read from scripts and are just doing their job.

 

I'll sub to your thread, and let you know from my experiences if and where I can help you. Use NDL as your first stop though (only my opinion)

 

Good luck, and don't give up!

[tonycee]

Thank you tonycee, I would post up my I&E but suffice to say, we are living on benefits only right now so there is nothing left over to pay anybody,

My suggestion was not that you post up your I & E. Merely start your own thread where we can talk this through.

 

but they don't seem to want to know. If a catalogue company can phone me to tell me I must pay min.payment by 5 April and they are charging me £10 to phone me and tell me that on 20 March, then they can all go to blazes

Things can get confusing when you are stressed.

 

The real sharks are the credit cards with increasing the interest rates and raising charges on charges and hounding consumers for their own charges.................

Indeed. It can be a real downer, with the feeling of no way out, we want to help. Just give us a brief outline of the debts.

 

 

Hey AA99, and everybody else in the same situation, we want to help, you need to help us try to help you.

[AA99]

Thank you guys so much for your support and apologies for the delay in responding;) I have been investigating, reading, worrying, collating, etc since we last spoke.

 

I honestly can't seem to see any other way out and would hate to admit defeat, but would genuinely like to throw it all in.

 

I shall start my own thread AA99 & Bankruptcy and hope you will join me there. Many thanks:)