Bankruptcy

[jordy]

Anyone know anything about bankruptcy,lol i know its probably not something you want to shout about,but i`ll admit it i`m considering it lol.Have been on a few websites and had a lot of info about it,anyone had any experience with it drop me a pm.Cheers for any info.

 

[mark]

nothing to worry about. Never been through personal bankruptcy, got a couple of friends that have, but have been through the official reciever when my company went tits up years ago

the day you walk out of the office having signed the papers it feels like you've won the lottery! all the worry and stress gone. Everyone I know thats been there have said the same

ok, 3 years without a proper bank account, (building society is ok) then apply to discharge yourself from bankrupt status and start again.

One of my mates got stiffed very very badly and ended up down that route. After 3 years, started again, now runs a very successful engineering company

one thing that is guaranteed though, the day you declare, the pressure stops and you can get on with life which is far more important IMHO than stressing because the bank manager is gonna have a few less cigars at christmas

 

[jordy]

Thanks for the reply Mark,seriously considering it at the moment,cheers m8.

 

[Mike.Haley]

If I dont find another job soon, I could be joining you M8

 

[SIXFOOTSTEVE]

Don't you lose your house if you go bankrupt ?

 

[mark]

only if you own one, and even if you own one, if there's little equity in it, it is possible to enter into an agreement with the building society or whoever has the mortgage to keep that going.

if there's plenty of equity though they will take it back

 

[5150]

Is an IVA not an option?
IVA (Individual Voluntary Arrangement) Advice and Information
Bankruptcy Advice and Information

 

[jordy]

luckily i`m a council tennant,so not that much at risk.Have been looking into an IVA but looks like im going to lose my job very soon,building industry aint going to well at moment and looks like its gona get worse,so i aint going to have enough income to set up an IVA,Thanks for the replys chaps much appreciated.

 

[ray]

a friend of mine went bankrupt he went to the citizens advice and they set the ball rolling he said it was like a huge weight being lifted off his shoulders