To many people, to declare yourself bankrupt would seem to be the end of the world as you know it. In these trying times, bankruptcy can be brought about by a number of external factors, totally out of many peoples personal control.
Unfortunately, such is the stigma of bankruptcy to many people that they will struggle on way past the time that they should have made the choice to go bankrupt, and this can sometimes have a devastating effect on their mental health. Not only that, bankruptcy can be likened to a divorce - until it happens, you can not move on with your life.
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When making choices in your life, there has to be at least two options at every stage in your decision process. Once you can accept that, making the decision to actually go bankrupt if needed, can be a painless choice. If you try and avoid the inevitable the mental strain that you will put yourself under will be tremendous, I know, I have been there, been close to bankruptcy, and only time will tell if I will have to take the decision.
Once I realised that bankruptcy may be an option, I did everything in my power to find out all of the aspects of it. I visited two bankruptcy counsellors, and also discussed the pros and cons of this choice with my lawyer, as I was fighting a major legal battle at the time, so as well as knowing whether I would be able to keep my house, my computer my car, and whether I could continue fighting my case, were all highly relevant to me and my peace of mind.
I checked on the availability of bank accounts during bankruptcy, found that you could get pre-paid debit cards, so you can still use the internet, and lead a normal 'plastic' existence when booking hotels, car hire, airline tickets... you just have to pop the cash on your card account first.
And as for a mobile phone - well, just get a 'pay as you go' unit, and guess what? Nobody will be able to trace you!
For too many people, bankruptcy means shame and an admission that they were no longer in control. Well, yes, for many people, debts were too great to bear, but why try and exist under a great cloud of impossible debts?
When you are in this perilous state, you may have been worried sick about bailiffs knocking on your door at any time, and countless letters and intruding phone calls all day long making your whole life a misery. At least with bankruptcy, you are protected from all of this, and especially all of those annoying phone calls.
Now, bankruptcy is not pleasant, and you will have a lot of your 'dirty washing' on public display, but as long as you have not been totally reckless with your spending, you will be out of bankruptcy after 12 months in the UK, and able to start to pick up your creditworthiness again - if you want it.
I must admit, since living under its threat, I have found bankruptcy, or the threat of it, makes you realise how good it is to have cash in your wallet, rather than a load of high interest, far too easy to use plastic cards.
And don't forget - you are not alone. More and more people are being pushed into bankruptcy, many through no fault of their own, Even high fliers like Donald Trump have been there too...
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