Due to a failed business with my (ex) husband, I am likely to have to declare personal bankruptcy. I feel absolutely sick about it, I have tried all avenues available to me to repay our debts but they are too large. Is anyone willing to share with me how bankruptcy has impacted their lives, big picture and day to day? Has anyone had their car sold by a trustee? I've already sold my house.
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Bankruptcy lasts for 3 years. I am one year down. The debt collectors are gone. I got to keep my car as after finance is was under the allowed price range. I am working full time and saving money. You don’t have to pay anything towards your debt unless you earn over the threshold ($75000+ depending on dependants). Unless you have a tax debt. In this case, if you get a refund during the 3 years they will use that towards your debt (in most cases). It was quite daunting at the beginning however I now see it as a fresh start. Not sure how we’ll go with home loans and things in the future but we are told it is doable.
I’m about 2-3 years out of bankruptcy and it’s not fun. We had to get my in-laws to finance a car for us (we’re paying it back, but it’s in their name) and now we’re looking to buy a home and it’s just not possible. We’re going to have to save a very significant amount before we’ll even get a look in I’d say. I couldn’t even get a new phone on a contract, it had to go in my husband’s name. But we also always find a way. It certainly beats having debt collectors chasing you! Good luck, but know you’ll find a way and make it work.