I am officially bankrupt.
There I have said it on print for my blog – the first time I have heard myself say it.
I am not writing this post to brag about it or show off, because although I am actually relieved to be on my way to becoming debt free, it is also mixed with a touch of regret and emotion because it is not a nice thing to admit to either. Afterall the stigma that used to be attached to bankruptcy has gone now, and I should therefore not feel ashamed. However, despite this I have not yet told some of my family members!
No, I am sharing this because I know I am not alone with having large uncontrollable debts, that I have no way of paying back and nowadays bankruptcy is very common. I just thought that if anyone reading this is contemplating it themselves then maybe I can help them to make the decision and go for it.
According to the Ministry of Justice during the first quarter of 2010:
the number of individual bankruptcy petitions made by creditors (to whom the debt is owed) was 4,329
the number of individual bankruptcy petitions made by debtors (the person who owes the debt) was 16348
My bankruptcy was voluntary. In a nutshell, before I had Burton I owned and ran my own business (a cafe) and although it did ok I never really made a decent wage for myself and due to a VAT error and borrowing from the bank I just could not make it financially viable anymore. I sold the business at the end of last year for less than I bought it in the end because I was a new Mum and just wanted to get out and start afresh as soon as I could. Truth be told I should have gone bankrupt a couple of years ago, but in true Jenny style, I struggled on not wanting to lay my staff off, hoping it would all be ok in the end! Hmmm!! I worked my arse off, as you do when it’s your own business, rarely taking time off and with notable exceptions working 6 days a week even up until 10 days before I had Burton! So yeah there is also a little bit of frustration that I lost money and owed so much by the end as I worked so hard for 5 1/2 years for so little return.
Anyway, after months and months of worry (spanning about 3 years), having no nails (yes all these years of worry has made me have no nails!), visits to my local CAB and, more recently, letters and phone calls from debt collectors I have made the step to becoming debt free. I know there is still a way to go yet, but there is light at the end of the tunnel at last!
While waiting to see the judge and speak to a receiver today, I thought to myself that going bankrupt is NOT the end of the world and at the end of the day I have something far more important to worry and think about now and that is what IS important. When I got home my little boy gave me the best hugs and squeezes a mummy could possible ask for – he is my future whether bankrupt or not and he is the most important thing in my life.
If you have debt problems I can recommend contacting:
who are there for you to offer free and confidential advice
Don’t wait for your debts to mount up out of control – take the plunge and sort them out 🙂
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Thank you xx