Questions you have before making a decision to go Bankrupt and the Bankruptcy process

Moderators: TalbotWoods, JaneClack

By raven
#3361 <big deep breath>
OK, here goes .... im in about 30k in debt, all in my name. We are on benefits as neither of us are working, in fact my hubby hasnt worked for the past 12 years and refuses to get a job. We live 12 miles from the nearest town and I dont drive (no public transport) so ive no chance of getting any work, and ive got 3 kids to look after too (hubby doesnt do much at all really :( ) The debt has built up over the years with me trying to keep a car on the road so we're not prisoners in our own home and so the kids have some sort of normal life and can go to after school activities etc. I cant cope with all this debt anymore. Somehow ive been managing min repayments, but now its got to the stage im having to pay for food on credit card as repayments take ALL our money.

I think that bankrupcy is my only option to get out of this mess, but im really terrified. Ive only ever told my hubby about this before (not that he seems to care much or he would be out looking for a job). Im so ashamed that things have got this bad, and the thought of having to go to court and having to explain all this scares the s**t out of me, I mean isnt it pathetic for me to have let things go this far?

So, has anyone got some advice for me please? Do I need to go to court and explain exactly how I got into this amount of debt? Is it in front of a judge (im shaking even thinking about that). I cant sleep for worrying about this all the time, I just need to get things sorted out, but im terrified of having to explain it to someone in person (my confidence has really taken a hit over the past year or so with all this stress)

Sorry for rambling on but this is the first time ive admitted this to anyone except my hubby!

Im in Scotland if that makes any difference to how things work
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By Nicky
#3364 Hi raven

Firstly, there is a solution to your problem! You will need to talk to someone in order to get things sorted, but this isnt as bad as you probably think. There are other options besides bankruptcy, but until you have a chat with someone about it, it wont get sorted. If bankruptcy is the best option, it really is not as bad as people think, its more of a relief believe it or not. You can read lots of peoples experiences on this site alone to get the feel of what its like to go bankrupt.

Scottish debt laws do differ than English debt laws, so it is definately worth you calling an advisor to go over your circumstances to see what needs to be done so you can get on with your life without the worry of debt hanging over your head.

There are a number of excellent companies who have very friendly advisors and will fully understand your situation, who are not interested in judging you but interested in seeing the situation resolved, so dont worry too much about having to lay your cards on the table.

Companies such as FCL 0800 716239 and National Debtline 0808 808 4000 can help you and they dont charge any fees. They can give you a financial assessment to see what your options are and advice in whatever route you choose to take. If bankruptcy is the one to take, they will advice you on the process and what you need to do. Once you get the ball rolling, you wont be on your own in it. There will always be someone on the end of the line or people in the forum who will be there for you to help and advise as much as possible.

You have done the right thing by grasping the nettle and deciding to face your situation head on. Your now on the road to recovery as they say. :wink:

Bankruptcy is done through the courts, however, you dont have to stand in front of a judge and jury and explain your situation. It will be more like an interview with an Official Receiver handing over paperwork and filling in forms.

Thats about as much as I can offer at the moment, but do call one of those numbers and get some advice to put your mind at ease. Fire any questions here you have and we will do our best to answer them.

All the best

Nicky
By raven
#3375
Nicky wrote:Bankruptcy is done through the courts, however, you dont have to stand in front of a judge and jury and explain your situation. It will be more like an interview with an Official Receiver handing over paperwork and filling in forms.


Wow, that is a relief!! Thanks for that advice Nicky, now I just need to pluck up the courage to phone someone to get some advice! This is all soooo scary at the moment, im in tears here as Im typing. I know by reading through this forum that there is light at the end of the tunnel, it just seems so far away. And im very scared at having to explain this all to a 'real' person, not just someone on a pc who doesnt know me!

Thanks again
User avatar
By Nicky
#3377
raven wrote:And im very scared at having to explain this all to a 'real' person, not just someone on a pc who doesnt know me!


It can be nerve racking, especially as you dont know what to expect, but I promise it wont be nearly half as bad as your probably anticipating. Once you pick up the phone and start talking, I'm sure you will be put at ease. They will know the right questions to ask, you wont have to disclose your life story :wink: but at least its a start and you will have a much clearer view of your situation. People find themselves in these situations for numerous reasons, its just great that you dont have to go through it on your own.

All the best.
User avatar
By JaneClack
#3382 You know how relived you felt when Nicky posted her reply. Well, I can assure you you will feel even better when you have spoken to someone - just remember how much more you can say on the phone and you will be talking to someone who will be listening. We all need that from time to time.

Go for it, girl. You have nothing to lose and an awful lot to gain!