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

Moderators: TalbotWoods, JaneClack

By kaneda7777
#4357 Hey guys.

Well im going to be honest here and hopefully you guys can give me a bit of advice or insight to what the future holds for me......whether that be bad or really really bad we will see.

Ok so lets suggest im 18 years old and lie on the credit card form about my earnings and job etc.

Well after that i get a large credit limit and i spend spend spend knowing i can support myself. im living away from home.

after 4 years not only do i have more cards but loans also because i just didnt really realise what i was doing.... it was like i wasnt accepting i had a problem or what i was doing i was just really depressed all the time and really sort of living in this fantasy world where the money was mines and i didnt have to worry about anything. we.. now ive woken up.

Ive recently noticed how much of a bad situation im in my girlfriend has just dumped me and im at university. so im going to have to move into halls. problem is a lot of the things i spent my money on where for her like TV camera holidays stuff like that. all i own is a car worth about £1000 and my pc which i use for my studies oh and my guitar.

Well anyway after being dumped i finally realised how much im in trouble...... i got fired 2 last week and went out on the worst drinkin binge ever and tried to overdose on ecstacy. Im 45k in debt and have to pay back £1200 a month which is impossible.

so i have no money coming in at all and im doing a full time degree........
Im just really really scared cause i know how this was all my fault and i dont know what to do im like 22 years old and look how much of a mess ive made my life so far. The most important thing in my life is my Uni and i cant give it up. even if i did give it up and did a full time job it would still be impossible to make that money a month!!!!

So please someone out there just tell me what i should do!!!
also do you think they will send me to jail cause i lied on all the forms
(for talk sakes)

What assets will they take away? and what about the stuff that was bought for my ex girlfriend will the try to take them away from her or what?????
#4408 Kaneda.

Sounds like you hadve had a rough time, and probably not been very realistic with yourself in the past, but looks like its come crashing home to you now.

Its unlikely that anything would be investigated that far, although 45k is a LOT when you are a student - and as you say, working would hardly make a dent in it.

Bankruptcy MAY be a sensible option, although you need to get specific advice on this from an adviser - free - who can assess your situation personally. There are several free advice agencies ( National Debt Line for starters ) who you can find in a 2 sec google search.

However bleak the situation may look, it is NOT worth losing your life over, though. You will have a Counselling service at your Uni to talk this over with if you cant cope on your own - you have got past the worst by realising the situation and deciding to deal with it. You are not the first person to get in a mess, and certainly wont be the last, so don't beat yourself up about it.

Move forward not backward - and good luck.