Bankruptcy can provide help

Hi all, I am a new member to this great blog. I went bankrupt last Wednesday and am now feeling so much better. I had 35k in debt as a result of an horrendous divorce and remarrying a short while after to a guy who has basically fleeced me.

I am a school teacher so luckily my bankruptcy will not affect my job – I ended up in council accommodation because of my new husband losing his house and us both being sick for 3 years through stress and worry over debts etc. (I have Crohn’s so it WAS genuine) We were told by Citizens advice go bankrupt but when you are on benefits you cannot afford to eat let alone save up £485 for the pleasure of sitting in front of the judge for five minutes.

We gave a solicitor power of attorney and he basically did nothing so it wasnt’ until I returned to work in 2014 I started having to track down all my debts – each one of them having been moved several times to different debt collectors it was a nightmare. So now I just deal with the Official Receiver and no more harrassment from creditors.

So bankruptcy for me was definitely the best thing. I earn £30k and still struggle to live as my husband is on a very small salary.

I live in the USA, but am curious about bankruptcy in your country. After filing do you get a lot of offers for credit? In the USA the predators are out in force offering credit to those who have filed. Of course one needs to read the fine print to see these are dreadful offers with very high fees and interest. Oh, but they try to make them look so good telling the person they will “help them re establish” their credit.

Is bankruptcy for me??

Ok, new member here. I lost my Van about year ago and now Ford Credit is knockiong at my door wanting the rest of the loan. I don’t have it and the reason I lost the Van in the first place is cause I got hurt at work in 2003 and spent the next three years going thru back operation after another. Anyways….they want about $8,200 and I don’t have it to give and its about to go to court, to make us pay?? Do I file or not?? Friends tell me no, because its not like 30 grand or something like that?

Any advice will help.

If you don’t have the money, that $8,200 is not going away. It will gather interest.

Dude, you haven’t told me anything I don’t already know…………. that’s the reason for my question. If I had the money in the first place, I’d still have my Van. When you become disabled and can’t work for a couple of years, you lose your savings trying to survive with a family. I’m trying to rebuild my life but now they want the $8200.00 and I didn’t win the lottery or anything like that….so I’m wondering if Bankruptcy is for me of not???

Good luck to you! On a topic related to your note, it sounds like you should have received Workman’s Compensation if you got hurt at work. I honestly don’t know much about it but I wouldn’t want to see you get screwed out of money you were owed. Is this old debt your only debt? Are you working now and could you reasonably offer to make payments on this? You usually can’t look at just one debt in isolation. You need to look at the overall picture before you decide what your options are.

If the only reason for filing is for this $8,200, then I would say not to do it. If there are other debts as well, that will be discharged in the bankruptcy, it might be worth it. It costs so much money to file now, thanks to the new law, and if you can come up with $100 a month to pay the creditors, you will most likely not be able to just get rid of all of the debts and start fresh. It is not the same as in days of old. Some people still get to start back at square one without owing anybody a dime. Most of the time, you are put into a re-payment plan and the creditors have to take what the court orders, not what they want necessarily and you have to pay. The creditors also get the added bonus of having a formal judgment against you that will definitely be reported to the credit bureaus.