Experiences of going bankrupt

Former Member

MrRiot has about 15k of debt which he can't really pay back and he is considering making himself bankrupt, but he has some concerns (and also needs to find £750 to do it!). One concern is - if he has a child saving account for his little one (who is nearly 3) will any money in that be swallowed up too? He has no savings to his own name but wants somewhere for friends and family to put money they want to give to his little one (his grandparents are very elderly and want to leave him some money). He also wants to know other people's experience of the process. Is there any way of calculating how long someone's bankruptcy order may last?

Danny!

Hi Miss_Riot

I just wanted to point you to the CAB's debt section if you haven't come across it before, it's an area they specialise in: http://www.adviceguide.org.uk/england/debt_e.htm

Former Member

That's really helpful Danny thanks! I'm also wanting to know how it made people feel after going bankrupt because I know there's been a lot of stigma around it but I don't know if people still experience that or not?

Former Member

Hey there
I'm not sure about this myself as not had first experience of this. However the Money Saving Expert website might have more useful information/posts from others who have been through this.
They have a section called Bankruptcy and Living With it Board.
There's also StepChange who have a counselling service - but for some reason their website is down so I don't have a link for that.

Former Member

The MSE boards are not anywhere as near as friendly as here! I feel like I've just had my arse handed to me on a silver platter just for asking opinions on my situation! Eeek!

Former Member

Miss_Riot wrote: »

The MSE boards are not anywhere as near as friendly as here! I feel like I've just had my arse handed to me on a silver platter just for asking opinions on my situation! Eeek!

they can be harsh but they're probably speaking a lot more sense than people on here who don't really know a lot about bankruptcy etc! I saw your post, some people can just be douches.

Former Member

ps I was going to comment on the MSE post but didn't want to cross forums, I inow you've posted before about sometimes going in too headstrong in relationships and being a bit much, maybe it would be wise to just wait a little longer, I know it's been 9 minths but that's still quite short, give him more time to work out his problems?

Former Member

But how long? Because he could be under bankruptcy order for 5 years or more...I need to actually look into what effect it would have on me because I'm not that bothered about my credit rating tbh, it can be repaired. We're trying to do everything we can so we'd appear financially separate but I'm not sure in reality that would work.

I know they probably have a good idea about all of it but I really don't want to spend the next 5 years just waiting for his bankruptcy (if he even goes for that rather than a debt relief order or an IVA)