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Yes, I want to go ahead. I am petitioning for my own bankruptacy.
Im happy to give a short version of my financial situation:
Been in debt every day of my adult life (student loans at first, then a mortgage and credit cards...)
Like a lot of people I thought that I could rely on equity in property to get me out of the hole.
Bought a real "do-er upper" project flat... didnt get much done very quickly, then property prices started to freeze, then slide....
But beyond that, mostly I lived irresponsibly and beyond my means from 18 to about age 30. Not in an especially flashy way, just buying things whenever I wanted whether I could afford it or not, slowly getting myself more and more strung out on credit until suddenly at 30 and I was in a situation I couldnt believe.
Certainly you feel a sense of shame, you feel like you cannot understand how you could be so stupid... but it doesnt help.
I then tried to come to personal arrangements with all my creditors.
At that time I owed about 25 K. I offered to pay 100% of the loan back over a period of about 5 years if they charged no further interest. Two credit cards agreed, my personal loan from my bank refused. Spent a year argued about it (and making the payments) - being harrassed and threatened by debt collection agency two or three times a week, them leaving messages at my work and telling my colleagues that I was in debt, etc etc
At that time it upset me a lot and affected my physical health (I had bad blood pressure, my doctor wanted to sign me off work with stress)... so I went into an IVA
This is a form of insolvency that is just short of bankruptacy basically. It actually is only of any use to you if you have an asset you want to protect (and by that time I had no equity in my house so didnt need to) I kept up with that for just over a year (again making every payment)
Then I was told I would have to move to keep my job. (either to Germany for a new jon or Walsall to keep my old one). I tried to sell my house for close to the mortgage value, couldnt (it WAS a shithole to be honest). Finally, I decided just to go bankrupt... move to Walsall, start again. If I had done that 3 years ago (which I should have done) I would be getting back on my feet by now. I dont want to be thinking that 3 years in the future after living with no money because it is all going into debt repayments and still in the hole...
My debts now (because the mortgage company repossessed the house and are selling it off for next to nothing - which they have the right to do) will be maybe 55K
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I am not proud of the situation, and I know bankruptacy isnt with pain (and it shouldnt be) I feel guilty to be basically writing off money I have borrowed and wasted (and have nothing to show for)... but I just dont think I can go on anymore like I have been.
And for the last approx 2 1/2 years I have had no form of credit, have just spent the money I had... and I really dont feel like I have ANY less quality of life for it or even felt poorer... so thats the really stupid part.
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I am pretty sure that bankruptacy is the right thing for me.
My question was more about, does anyone have experience of the process and court system? What will it be like and what will I have to actually do in court etc?
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"Do not tell lies, and do not do what you hate,
for all things are plain in the sight of Heaven. For nothing
hidden will not become manifest, and nothing covered will remain
without being uncovered."
The Gospel of Thomas
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