Please no judgement.
Due to situations outside of my control, I am faced with having to go bankrupt.
I’m looking for advice from anyone who has been in this situation.
How has it affected you? Can you still travel overseas? Anything you wish you could do differently?
Bankruptcy
Bankruptcy
Posted in:
Money
9 Replies
Avoid it by all means, this can have many years even life long ramifications, you’ll be scrutinised in future by banks even when you’re cleared etc.
Is there anyone that can help you out? Family, friends, anyone?
It really is an absolute LAST option possible
Have you been thru it yourself?
No however an immediate family member has, unfortunately couldn’t help them as I knew I’d never see the dollars again.
We nearly went down this path but thankfully we got some financial counseling and thru a whole heap of work, managed to avoid it. This was about 6 years ago. Once we were told the full extent of restrictions and ramifications, we got second advice. We basically got ourselves an advisor who for months worked his was off to consolidate our debts and thus enabling us to rebuild our lives.
Think very carefully. Think about what you want to do in the future and how much debt we are talking about.
Been there. Don't go there unless absolutely your last option. Will effect you for way longer than the actual bankruptcy period. Hubby has been discharged for 4 years - so 7 years since filed and no-one will touch him for anything. My name is on everything (we married the day his business folded...long story) and I am liable for everything. We live in my home. Can't get a car loan, credit card, fuel account, mortgage... I can't imagine how much harder it would have been if I had gone down with him. We would be stuffed completely. And it has caused no end of mental health issues for us both. Nearly ended our relationship more than once. Find a financial counselor and do everything you can to NOT go bankrupt.
Some debts don't go even with bankruptcy as they're exempt. You need legal advice
Yes!! Legal advice!! I think people think that declaring bankruptcy will wipe the slate clean with owing money but it doesn't work that way. Get advice and think very carefully.
Avoid it at all costs!
Go buy/borrow the "barefoot investor" book. Get your finances in order.
Inside the book is a list of free financial services that may be able to guide you on how best to avoid it.
Your bankruptcy will last well past your bankruptcy period. Sometimes even 15+ years later. My mother went bankrupt 10+ years ago, and still has problems with declaring bankruptcy.
Sell everything you don't need. Downgrade all cars and put all extra money on debts.
How much debt are you in?
With what services?
We may be able to recommend specific services if you elaborate.
I have recently filed for bankruptcy and for me I feel like a massive weight has been lifted from my shoulders I had a very strict budget in which I was in the minus every week. I did go through financial hardship first but due to the reduction in my income they would not approve a second time as they could see that I could not afford it again. I have to say that it is the best decision I have made although it was extremely hard. Good luck