Should I go Bankrupt ???? HELP & ADVICE

[Smudgecoco]

Hello,

 

I have a number of unsecured debts to the tune of around £80,000 and was with the CCCS for one year, things got a little worse and we are currently dealing with the debts directly ourselves, paying a nominal £1 to each of the creditors (most are now DCA's) I spoke to someone via the CCCS a little over 12 months ago and they were stating that bankruptcy was the best option for us, to be honest I was all for it....then I got a little bit nervous about the whole thing and bottled it !! - the payments of £1 have continued since and we are now getting daily letters threatening all sorts.

 

I am now obviously thinking that if I had done it when it was first recommended to me I would have been out of it by now......

 

I have read up on bankruptcy but just wondered if anyone on here had been through it and had any advice or info regarding the process??

 

Our current situation is:

We have no assets and live in rented accomodation

I am self employed

My Fiance is in full time work

 

I basically wanted to know if going bankrupt means someone can rip your life/accounts/home apart taking anything and everything that might be worth some money??

 

Any help or info would be greatly appreciated.

[Dodgy Geezer]

Hi.

 

You will certainly have to provide your accounts and all necessary documentation, but they wont rip your life apart.

If you have no assests, and live in rented accomodation, then you have nothing to fear. Only the fear of the unknown.

 

It really is a very painless, and a civil proceedure. One that can also be very liberating.

 

My BR ended last Nov 19. I never paid one penny. The letters stopped months ago, the pain has gone, the sleep returned quickly.

 

You can worry for the rest of your life, or get it over with.

 

Best Wishes. Keep us informed.

[Smudgecoco]

Hi DG,

 

thanks for the reply.

 

Main things I was worried about was:

 

Would they expect us to move to a lower rent property? As we have been here for 6 years and although it is rented it is still our home.

 

And, is the court appearance as scary as imagined?

 

Thanks again

[spamheed]

Hi DG,

 

thanks for the reply.

 

Main things I was worried about was:

 

Would they expect us to move to a lower rent property? As we have been here for 6 years and although it is rented it is still our home.

 

And, is the court appearance as scary as imagined?

 

Thanks again

 

Unless the rent paid on your current home was viewd as an extravagance, or the home was obviously too large for your family size, the OR would have little interest in your home

 

The court appearance is not at all intimidating, it is merely a five minute matter where a judge basically clarifies if you are fully aware of what you are doing. There are no accusations or judgements.

[palomino]

Smudgecoco,

 

Please note that the advice here is not from legally or financially qualified professionals. The advice we can give - and we are more than happy to give it - is based on our personal experiences.

In its own way this is probably just as useful to you.

 

The general consensus is that bankruptcy means a huge weight disappears off your shoulders, and you can then get on with your life free of the anxiety and worry that comes with being in debt.

There are of course some restrictions on your financial activities but you can cope with these.

 

To be honest I cannot recall anyone here saying that they regretted being declared bankrupt.