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AMA

I am a bankrupt - AMA

45 replies

cathf · 13/03/2019 16:24

I am undischarged bankrupt. Happy to answer any questions

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MistressDeeCee · 13/03/2019 17:29

Were you made to sell anything as in assets, household items etc..?

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sushisuperstar · 13/03/2019 17:31

@cathf thank you 👍🏻

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cathf · 13/03/2019 17:33

We had another property that we lost. Onr of our cars is officially owned by my FIL and the other is only worth about £500.we were allowed to keep them both.
Not made to sell anything else. The o ly assets we were, asked about was properties and cars.
We did lose £2000 we had in a savings acvount

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HollowTalk · 13/03/2019 17:38

Why didn't you pay the staff's lost wages out of your savings?

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Nautiloid · 13/03/2019 17:40

Was it a slow realisation that you had to do this or did you have a 'lightbulb moment'? How did you start the process?

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cathf · 13/03/2019 17:47

Hollow, the savings were amassed after the business folded. Whe and we went under, and we had £12 in our bank account.

Nauti, I had been hiding the extent of the problem from my husband. Then I was rushed into hospital with a condition made worse by stress and the whole mess unravelled. My DH made the decision to fold the company and I am forever grateful to him as I probably would have tried to struggle on.
It took 7 months after that to go for bankruptcy

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SailorJerry13 · 13/03/2019 17:51

What sort of business was it ?

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cathf · 13/03/2019 17:54

Small manufacturing. Don't want to give any more details, sorry

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EllieNor · 13/03/2019 18:00

So you lost your savings and would have lost your home too, do they leave you with no assets at all bar the car? How did you manage? Did you have problems finding employment afterwards?

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cathf · 13/03/2019 18:20

We lost some of the savings the IP knew about. We had seven months to get our affairs in order before we declared.
We have kept all of assets apart from the second house and, thanks to my pil, have kept our home
All other assets are intact and never enquired about

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cathf · 13/03/2019 18:23

Initially we were both employed by the new owner of the business. My DH has since found work elsewhere and I am still there.
We have been very lucky.

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Smileymoon · 13/03/2019 18:26

You have money now and you owe many people money. Don't you feel like you should pay them their money instead of spending their money or saving their money in your own bank account? Don't you feel like you basically stole from them?

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Tomtontom · 13/03/2019 18:32

What "other assets" were you allowed to keep?

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cathf · 13/03/2019 18:34

I can't pay anyone anything. It is called preferential payments, and is against bankruptcy rules.
Bankruptcy draws a line under things and is a fresh start.
We made sure as far as we could that all of our small suppliers were paid before we went under. I am not going to lose, any sleep over big organisations and venture capitalists.

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cathf · 13/03/2019 18:37

Tomton, pp asked about household items etc
We have kept all of them

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MistressDeeCee · 13/03/2019 18:38

You have money now and you owe many people money. Don't you feel like you should pay them their money instead of spending their money or saving their money in your own bank account?

Bankruptcy doesn't work like that. You can't go off and pay debts that have been included in the bankruptcy, AFAIK you can get in trouble with the Official Receiver for stuff like that.

I imagine that when you're swimming in bed, you just do the best you can to go on and live and survive. Doesn't seem helpful to say 'what about what you owe?' That's the Official Receiver's decision to make regarding this, and he's done his job

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MistressDeeCee · 13/03/2019 18:38

"swimming in bed...?"

In 'DEBT'

Autocorrect can be interesting...

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Tomtontom · 13/03/2019 18:41

How are you not paying into an IPA if you're both earning?

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cathf · 13/03/2019 18:44

Tom-tom because we are not judged to have enough left over after reasonable living expenses.
The reality is we have lived below the breadline for so long that we only spend money on the bare essentials at the moment, hence a surplus building up.

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cathf · 13/03/2019 18:47

MistressDee, and I thought that made sense!
You are right though, you do anything just to get by. I did things I would never dream of doing now. When you are desperate, you do silly things.
And there is, always one judgypants who doesn't know what they are talking about. Hmm

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