Bankruptcy

[jay139]

Anyone been through it, do you regret it, or was it the best descion at the time, any views or advice would be appreciated thanks x

[bellasasha]

for me it was the best desicion, a lot of other ABers will tell you not to do it, but i had 26000 of debt run up by my ex in my name, i tried the debt consolodation thing for 2 yrs which didnt make a dent in my debt and i was paying 350 per month. i went thru bankcruptcy and i have my own business and my own home and car....so in my opinion it was the best move for me.

[Pippa68]

I haven't been through it myself, but have lived through it as my husband declared himself bankrupt 4 years ago.

At the time it seemed like the only way, as he had a property he jointly owned with his ex wife who was refusing to sign any documentation in order for him to lower the mortgage payments to interest only (it was a one bedroom flat, too small for us!) so he had to hand it back to the Building Society. That left him with a �28,000 debt which his ex wife was apparently not obliged to help pay as she had managed to get herself an indemnity (go figure!).

In hindsight he should have taken her to court to make her sign an agreement. The property is now in very positive equity & we could have had a nice deposit on a house by now..when in fact we are pretty skint, in privately rented accomodation with not much hope of owning a house again due to lack of funds for a deposit.

I would say the whole process has been bitter-sweet. Although a lot of debt was 'cleared' it has meant that getting affordable credit has been hard. Hopefully that will change one day.

Sorry for the long-winded post!

[whiskeysheri]

My dad had to go bankrupt- there was no other way. He said it's the worst thing that could happen.

That was seven years ago and, still, no one will give him a bank account!

[jay139]

Thank you for replies, this is happening to me at the moment and am at my wits end.

Whiskeysheri. I have been advised that you can get a basic bank account, The co-op bank was the one i have been advised to use.

Thanks again folks. Any more advice I am more than willing to listen x