www.iva.co.uk

Hello,

As many of you will know i am currently working on getting a DMP set up to try and get myself sorted.

I have just spent the evening talking with my mum - she has been great and i can talk to her about anything - and she has put forward the idea, after listening to all my worries and thinking about my long term future herself for quite some months (arent mothers great), that i might be better in going bankrupt.

She thinks that it would be a great chance to kick start my life again, a new job, a new direction without the stress that i have had over the past few years. She says that i am too honest and too proud for my own good as i have spent so long worrying about other people and also my debts that i dont think about myself and what would actually be best for me

I had already contemplated bankruptcy over the past few weeks, but although i dont know much about it am dismissing it due to my pride and the stigma that goes along with it - not to mention that i would probably lose my job which as you can imagine would be a very big thing.

But on the other hand its not a job i can see me doing forever, and maybe a fresh start is what i need. After speaking to my mum i wonder if it could actually help me turn a really bad sitution into a completely new life while i am still young, being 25

Just so i can weigh up all my options, would someone be so kind to tell me how a bankruptcy works, how you go about doing it, what happens once you have done it etc etc.

Tina at the IVA advice bureau did touch upon it earlier this week when i was talking to her but i dismissed it so she didnt go into too much detail

Im not saying i want to do this as it scares me to death at the moment and i feel bad enough as it is about my whole debt situation - but i think i should at least find out about it rather than remain ignorant to all my options

Thanks for your help and sorry for yet more questions

There is a sister site to this one, which would answer a lot of your questions.

I do know that it will cost you £495 and you will have to go to court.

I am sure one of the experts will be able to tell you about it.

Hi there

It is not as scary as some people may think, not easy by any means, but you would get lots of advice and support on the forum.

i am in an iva myself and I was advised by some at the beginning to go bankrupt and I was terrified by this, now I know more about it from reading posts I know that if something unforseen was to happen and my iva could not be completed i would not be as scared to file for bankruptcy.
Don't be to proud to do what's right for your situation, weigh up how long it would take you in a dmp/iva and then decide from there. I am sure you got great advice from Tina.

Have a read of some blogs skippy, scared kez are two that spring to mind and they may help you,

Good luck
Emma x

Hi

I've recently gone bankrupt and it really is the beat thing we could have done in our circumstances. Making the decision to do it is by far the most difficult thing. Good luck and if you have any questions ask away.

Dee

the sister site that kallis3 is refering to is called www.bankruptcyhelp.org.uk

There are many bankruptcy experts and specialists that can help you. Good luck.

It is entirely down to your personal circumstances.

I've been in an IVA for over 3 years but had I have looked at all the options in the first place I probably would have gone for bankruptcy but I wasn't given all the facts about it because they were selling IVA's at the time so I was kinda pushed in that direction.

My only advice is look at every option available to you before commiting to anything.

Also, we hosted a televised debate on this hot topic of IVA vs Bankruptcy a few months back, here it is:
http://tv.iva.co.uk/default.asp?id=413