I debated for quite a while before going bankrupt, and spoke to two insolvency services. I had intended to go down the IVA route but because of a problem with a second property (the old marital home) all my debts could not have been included in the IVA which would have invalidated it. So Debt Free Direct advised bankruptcy (Debt Free Direct were very good by the way).
I went bankrupt at the end of January this year (2006) and had my OR interview at the beginning of February.
The day in court was a bit ominous at first but only because I didn’t really know what to expect, the lady behind the counter at the court and the Judge were very pleasant and in no way appeared judgmental. All in all this was around 2.5 hours.
The interview with the OR was again a little ominous only because I didn’t know what to expect. However, I was interviewed by a very pleasant young lady for about two hours and it was mainly about any assets I had, and how I had spent so much money, and run up so much debt. Again she wasn’t judgemental at all and came across as being very nice.
My IPA starts at the beginning of April which is for 3 years, and hopefully – touch wood – I will be discharged after 1 year.
I am now just waiting for the creditors meeting to happen so I can get appointed a trustee and make an offer for the beneficial interest for my current little flat. Hopefully that will be OK and I can keep my home, (I can’t see why not if I make a decent cash off for the equity in it), if not then at least I know I went into this with my eyes wide open knowing the consequences, which I can live with.
I must also say, that all the people I dealt with including my mortgage company (new and old), my old bank (who I owed a LOT of money to), and my new bank were all perfectly pleasant on the phone when I spoke to them. In fact it was quite a surprise.
Hope this helps a few people…