Bankruptcy - Case Study

My personal bankruptcy

Burdened with business and personal debt I sought the advice of a solicitor who suggested that bankruptcy was my best option. I agreed and began my research.

At first, although I had a financial services background bankruptcy did seem somewhat confusing and there was limited information available. It did take me a number of weeks to research and finally take the plunge.

I have to say that bankruptcy was exactly as I envisaged. I was so glad that I did my homework and knew what to expect. Elements of bankruptcy that I could not research online induced enough uncertainty.

Having been through bankruptcy and gone full circle I can honestly say that I do not regret it for a moment. My view of bankruptcy is now one of purpose. It is a legal instrument that allows us to deal with debts that we cannot pay. Providing we fully understand its consequences, it can be the fresh start that we need.

My view of bankruptcy

Since being discharged from bankruptcy I have trained to help others. Having helped many people with their bankruptcy over the past year my eyes have been opened wide. Never before had I considered that there are so many reasons for people having to go bankrupt. Direct anyone my way who thinks that it is always the bankrupts’ fault and I will soon put them right!

One common message that I get from individuals that I have helped with bankruptcy is that it is never as bad as they thought. Everybody seems to expect a grilling from the Official Receiver and to be frowned upon by peers. This is very uncommon.

The truth is if you get advice, are co-operative and communicate well with those concerned or involved then bankruptcy can work as expected. Having said that, it must be stressed that bankruptcy is extremely serious and it is not for everyone. It is essential that professional advice is sought.

Bankruptcy advice

It is important to remember that bankruptcy is a legal process. As such it is essential to seek advice before petitioning. There are a number of ways to get help, but whichever you choose do your own homework too. You want to make sure that you are being informed correctly.

You can obtain free help from charities but it is usually pot luck whether or not the help that you will receive will be substantial enough. They are also in high demand so you may not receive the service that you require.

Professional help from a reputable organisation is always advisable. Prices should vary from £250 up to £750. For this you should expect the bankruptcy forms to be completed for you, a clear explanation of how bankruptcy may affect you and telephone support during your bankruptcy.

Warning – Be very careful of organisations charging your thousands for simply completing the forms. Also be wary if you are promised the world.

My name is Mark Davis and I experienced bankruptcy in January of 2006, since then I have made strong efforts to help others. I am now the author of a comprehensive website where you can read other people's experiences  or if need to find professional help find me at Piggy Bankrupt.