I am in a very rough financial situation where I may need to declare bankruptcy. I need to hear positive stories from other people who have declared bankrupt and came out of it the other side OK. Also looking for advice that I would need to know while declaring bankrupt.
5 Replies
I just declared bankruptcy. Im 25 single mum of 2 kids. Best decision ive made. Such a weight off me shoulders. Im not out the other side. But... im going to get there x
so how do you feel about the possibility of not being able to buy a house in the future. I'm a little older than you - 38. How much debt do you have if you don't mind me asking? I have around 40,000.
I declared bankruptcy 6.5 years ago after a messy separation that left me with all the debt. I struggled for a couple of years trying to keep on top of it all but it was such a relief once I did it. My only regret was not doing it sooner. It has been a very good life lesson....no one will give you any credit, so you learn to live to your means. If you have assets, like a house or a car worth more than a certain amount (used to be $5000), they can be sold to pay off your debts. The other thing to consider is if you plan to travel overseas...pretty sure you need to get clearance from public trustee. My advice would be to talk to a financial advisor. Organisations like Salvation Army have free advisors that can look at your personal situation and make sure that this is the best option plus they can help you through the whole process. Good luck!
I declared myself bankrupt in order as I was unable to financially manage when I decided to leave an emotionally abusive relationship. You will be ok. When it comes down to it the most important things are your health and your family and the financial stress when you are in that much of a bad spot can just ruin both of those. Of course it will create issues and it is something I'm not 'proud' of as such but the relief meant I could sleep at night again and focus on my kids again. Best of luck x
Been there done that. Was a pain in the bum for a long time but have come out the other side better than when we went in.
Had debts to match two healthy full time incomes, he hurt his back and couldn't work, 12 months later I got chronic fatigue trying to work full time, look after him and raise the kids.
Wrote off credit cards and loans. Was allowed to keep the house, but later found we still couldn't keep up with the mortgage. Sold it for no profit and went back to renting. But for the last 7 years we have had not debt to worry about and it has given us the opportunity to rethink how we manage our lives and finances.
We are now in the process of starting the ball rolling to buy a house again with a clean slate. Since then, I went to uni and got a degree, I am now a full time teacher. Hubby's had surgery on his back and is also working full time.
This time though we know not to borrow to full capacity and we are looking forward to our fresh start.
Not much advice for you I know but perhaps a happy ending to reassure you.
The biggest hurdle we found was the stigma attached to it when we told our families.