Strange Famous

Well, next month I have to go to court (to petition for my own bankruptacy)

Does anyone (feel free to use anon function if you want) have any idea what I ought to expect?

__________________
"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

Zeraph

Do you want this court date or do you want to get out of it? Need more details. Not really sure what you're needing.

Strange Famous

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

__

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.

_

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?

__________________
"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

Zeraph

Well if it makes you feel any better, probably not, I live with no credit to. But by choice. There's very little point to credit cards except to put the poor in debt.

I hate debt collectors with a passion even though I haven't had debt. I think there should be a hunting season for them. They are often the scum of the earth.

amonkie

The US system and bankruptcy laws are going to be different than those of the UK laws.

I've worked on this from the collections side of open debt. If someone in the US qualifies and files a Chapter 7 bankruptcy, significantly more debt liability is dissolved compared to a Chapter 13.

In 2005 the US bankruptcy laws changed significantly, making total writeoff of debt in the form of Chapter 7 significantly more difficult, and requiring credit counseling for either forms.

Have you secured an attorney to represent you? Have you had any form of credit counseling? Does filing for bankruptcy have any potential negative impact on your ability to hold a job in your field?

__________________
Calling from deep in the heart, from where the eyes can't see and the ears can't hear, from where the mountain trails end and only love can go... ~~~ Three Rivers Hare Krishna

Strange Famous

I do understand the legal consequences of bankruptacy (in the the UK), sorry if I am not explaining myself... its more the *experience* of being in court I was asking about... as Ive never beento court.

__________________
"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

Zeraph

Court sucks...hardcore.

Strange Famous

will I be expected to wear a shirt and tie? I mean its not like the guy can send me to jail but I dont want to get rough treatment cos I break some standard thats expected of me.

__________________
"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

jewels

My ex and I filed for bankruptcy about 20some years back. We had maybe $10 - 15,000 in debt at the time and felt like we were drowning, and I had just given birth to my first child.

We had an attorney, but in our (US) system, the Court calls name after name. I recall waiting hours for my name to be called. The Judge asked a couple of questions about incurring the debt and the assets named in the documents, and made some gavel noise and it was over in about 2 or 3 minutes.

Don't think a shirt and tie's required, but it wouldn't hurt. I think I went business casual in a skirt and blouse. Just be respectful, I'd think.

Nothing to get worked up about. I know all about the guilt, but let it go once the debt's discharged. Worry about after. Keep your nose clean, keep it cash. Know your weaknesses and keep yourself in check and you'll be alright.

__________________
We are always more anxious to be distinguished for a talent which we do not possess, than to be praised for the fifteen which we do possess.
Mark Twain

Zeraph

Also, from personal experience, they aren't always well organized. My case for fucking jay walking was supposed to be called rather quickly, we waited an hour then finally asked if we were to be called. They were sorrytm but my file had slipped through. They then called me and it took all of 30 seconds to go over.

Point being, don't be afraid to ask questions or to even ask the judge for advice.

robot_parade

I've never been, but I'll give advice anyway. I think most people get hung up on bankruptcy as a pride issue. Treat it as a legal transaction, and then move on. It doesn't reflect on you as a person, it's just something that happens.

Strange Famous

Well, I am now actually as well as morally bankrupt

The good part is that my work are ok about it

The actual part in court was no fuss, I guess the pain starts now dealing with the receiver.

Worst moment of the day... got a txt at 8-45... thought it was this girl I've been talking with wishing me luck. It was my landlord asking if he could swap my freezer over. Saw said girl later in the day, she asked if I was ok, I said "not the best" and then she came out with "oh, was it today?"

*sigh*
(I think about you all the time and you barely know I exist)

Well, these feelings come and go. I'll probably be obsessing about someone else in a few months time.

__________________
"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