Tell me bankruptcy stories

[Steven53]

We are in a partnership and our debts have risen so we cannot see how we are ever going to be able to repay them, so we are looking seriously at bankruptcy.

The business has fallen dramatically over the past year and we barely pay the minimums on about £100k of debt. We are too old to be employable anymore. I have applied for over 30 jobs in the past couple of months. We understand that we can keep trading if we go bankrupt. We have virtually no assets so this might give us a fresh start.

It is frightening and we are looking for some other peoples stories. Is it worth it or is it a horror storie.

Thanks, look forward to hearing

Steven53

[debtinfo]

what sort of business do you do

[StinkyFeet]

We are in a partnership and our debts have risen so we cannot see how we are ever going to be able to repay them, so we are looking seriously at bankruptcy.

The business has fallen dramatically over the past year and we barely pay the minimums on about £100k of debt. We are too old to be employable anymore. I have applied for over 30 jobs in the past couple of months. We understand that we can keep trading if we go bankrupt. We have virtually no assets so this might give us a fresh start.

It is frightening and we are looking for some other peoples stories. Is it worth it or is it a horror storie.

Thanks, look forward to hearing

Steven53

 

Hi Mate, like you I was in same boat from 2005, trying to pay bills was near on impossible. I entered into a IVA in Jan 2006 and was honestly the worse move ever. The monthly repayment although lower then what was being paid out was still hard and when the credit crunch kicked in and business started to suffer, any requests to reduce payments where smacked with a huge wall.

In Dec 2008 I lost all interest and told my IP to make me bankrupt. He did in Jan 2009. I had meeting at OR in March 2009 whom where lovely. Secret with them was being totally honest, it was pointless trying to hide anything from them as if they found out it would look bad and could make matters worse.

 

I was allowed to continue trading and was allowed to keep vehicle that was on HP due to it being required for my business.

 

I was automatically discharged in Jan 2010 and to be honest, was the best thing I done and in hindsight, should have done this before departing with £19,000 into a IVA which still failed half way through.

 

This is my experience and hope that it will assist you in your decision, the guys and girls on here are great and will help you all the way when you feel low or unsure about something.

[barbara1950]

that was a nice reply and very honest. ITs just having the balls to start doing it. Im looking at all sorts, sometimes there are too many options and advise you get confused to say the least and I suppose every ones case is different.