Experiences of bankruptcy? Do you regret it?

[LittleDorritt]

Hi,
I made the decision to go bankrupt this week and have been filling out the online forms. I was feeling alright about it but I spoke to an old friend today who has experienced bankruptcy and she was vehement that I shouldn't do it. She said it has been nothing but stress and hassle, even years down the line.
I just can't face these debts any more and having made the decision I now feel like she has pulled the rug out from under me. I don't know any other bankrupts (or anyone who has confided in me, at any rate).
Has anyone any experiences of bankruptcy? Either good or bad? I really need to know what I'm getting in to.

I went through a bankruptcy 4 years ago, it was the best decision I’ve ever made. I was never going to be able to repay the debts (negative equity plus change in circumstances so couldn’t pay the mortgage or other loans).

I’m now in the process of rebuilding my credit rating - basic credit card that is repaid in full every month, I now have a mobile on contract again, and although I don’t ever plan to get into debt again it is reassuring that if I needed something in the future I would be ok.

Bankruptcy is not the only debt solution out there. If you qualify for e.g. a DRO that may be a better option. Have you had advice from say, Citizens Advice or Stepchange to work out which is the best option for your circumstances?

I went bankrupt 4 years ago and it was pretty straightforward and not too stressful. I haven't had any hassle from creditors since I filed. I've been able to rebuild my credit rating with a couple of credit cards, my phone contract and electricity were never affected, and I have a few basic bank accounts and savings accounts now and do my banking with debit card and online banking. I'm not sure why someone would experience stress and hassle years after bankruptcy - creditors aren't allowed to pursue you and you can refer them to the OR if they try to.

Thank you. That sounds a bit more heartening.

MrsSquiggler I have been advised by the CAB that this is the best option for me. I have slightly too much debt for a DRO.

WhyWhat - she said that the companies still write to her every month for repayments and that the OR aren't interested in helping once you are out of your one years official bankruptcy. She also said she couldn't get any kind of credit - like internet and phone provision, and that she could only get a bank account with really terrible, non-mainstream banks.

Rockchick - I wonder why they stopped your mobile contract but they didn't stop WhyWhat's.

I have £21,000 which may as well be millions for how huge it is to me but apparently is small potatoes to go bankrupt for.

Do it, I am bipolar and my manic spending sprees found me in bankruptcy courts in 2006. It was very quick, very easy and I didnt even need to see a judge. A friend of mine went bankrupt last year after a very serious illness meant she was suddenly unable to work and in negative equity. Neither of us have had any other issues at all, both discharged within 8-12 months and back on the straight and narrow.

I went bankrupt in 2009. Was a very straightforward process, like you it had been recommended to me by CAB.

Mine was relatively straightforward as I had no assets or house to consider. I had to get a very basic account with CO OP (you can find information about which banks will let you have an account with them from CAB or on line).

I was unable to get credit until 6 years later when it had been removed from my credit file. Though I don't think my phones contract was affected. Once my six years were up I got one of those eye watering high interest credit re build credit card, used it each month for food but clearered the balance.

Four years on my credit score is way higher than the average, I budget religiously and am far better generally with money. It was definitely one of the best things I did and mean I could sleep again at night!

Most money is floating in the ether or figures on a screen anyway. So don't worry, go for it.

Thank you.
I don't have any assets or a mortgage or anything either Girl so I haven't anything to lose really.