2007-02-11 00:07:59 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes I have
Last summer I declared bankruptcy,
I could have paid my debts but I had to leave my violent husband, and I have 3 small children so I couldn't work anymore.
I had to leave Yorkshire and live in temporary accomodation.
I had to pay £325 to the court, and I had to appear before the judge, My representative form the Welfare Rights explained my debts were not my fault and my bankruptcy was granted.
I then had a telephone interview with the official receivers office and had to give details of my bank accounts and children etc.
After a while they deem that I have no income and basically I'll never be able to pay it back.
My discharge took 6 months and it's a clean slate.
Providing you have no income and assetts then its a good idea.
I owed 10k
2007-02-11 00:10:11 · answer #1 · answered by Elle J Morgan 6 · 1⤊ 2⤋
I declared bankruptcy about two years ago. I was in hospital for about 8 weeks and eventually lost my job and unable to get another due to my condition. You have to find about £300 to pay for the court hearing (some of which is refundable if you are on benefits and don't have a job or the money - I've never quite figured that one out - if you are bankrupt then how do you get the cash to pay for bankruptcy?). The hearing itself takes very little time - the judge at the county court rubber stamps the bit of paper and puts your affairs in the hands of an offical receiver, who contacts you and gets you to fill in a form listing all your assets, and to whom you send back any credit cards, correspondance with creditors, etc.
There are things they can take to settle your debts and things they can't - if you are a carpenter for example, then they have to leave you with the "tools of your trade" and certain other 'essentials'. Depending on your circumstances will depend on what you can afford to pay. If you are in work (or your circumstances change for the better within the first year), then they can usually take some money from your wages, otherwise pretty much after a year you are free from your obligations and the slate as it were is wiped clean.
It does bring other problems - notably the fact that you will have trouble getting a bank account (although you can have what they term a 'basic' account) and that obviously you won't be able to get any kind of credit for several years at least. Until you are discharged it is an offence to attempt to get credit for anything over £500 at all. You literally have to pay cash for everything.
At least I don't owe anything anymore, but neither do I have anything. What shares and savings I had went to my creditors. My entire life savings now is a jar full of coppers sat upstairs in my bedroom at home with my parents. It's pretty depressing at times really, but then I was way over my head in credit cards anyway. I'd have been in trouble sooner or later, job or no job. It was only a matter of time.
2007-02-11 00:36:42 · answer #2 · answered by Mental Mickey 6 · 1⤊ 0⤋
Bankrupts may get you out of a financial hole in one way, but it puts you deeper into it in another way. Since your credit is now non-existent, you will have to pay for everything you buy with cash, or go without.
2007-02-11 00:12:54 · answer #3 · answered by WC 7 · 1⤊ 2⤋
yes.
and it slows u down.
yer still payin the state and government there money
now what that has to do with the price of cabage in china?
I dont no.
2007-02-11 00:22:47 · answer #4 · answered by outlaw64 4 · 0⤊ 1⤋
sorry,no.
i don't think u should be thinking about that now, and im too young to be bankrupt.
2007-02-11 00:13:55 · answer #5 · answered by Anonymous · 0⤊ 3⤋
Have you thought of an IVA instead of bankcruptsy ????
2007-02-11 00:16:47 · answer #6 · answered by jdjbs 2 · 0⤊ 3⤋
Yes, and it was a big relief.
2007-02-11 00:12:43 · answer #7 · answered by Anonymous · 2⤊ 2⤋