I just wanted to crush some myths about Bankruptcy and it being the end of everything for the individual.
I went Bankrupt in 2015, owing £170,000 worth of debts. This included my mortgage and a number of credit cards. Within the space of two months, myself and my partner were made redundant. Neither of us could find work and we had no alternative but to go bankrupt. Not a decision we took lightly but the pressure of being unemployed and having debt collectors knocking at the door, we had no choice. Anyhow, for 6 months of my bankruptcy, I was unemployed, the OR didn't take a penny from me. I then found work but the OR still didn't take anything from me. On the anniversary of my first year, I still had not heard anything from the OR, so I phoned them and found out that I had been released from my bankruptcy. They won't always call you to tell you, so if you're in any doubt, call them. It was over, only after a year! I was amazed but also relieved.
The OR will only take from you what you can afford to pay, they will leave you enough to live on and they don't take control your bank account and yes, you can have a bank account. There are plenty of online bank accounts and even high street banks will accept you. Nationwide Bank is one of them.
It's true, you won't get anymore credit but would you really want to anyway?
My circumstances will not be the same as everyone but it is not as bad as it is made out to be. If you have to ride out the full 3 years, then ride it out because it is worth it.
