Home > Ciao Café > Member Advice > Member Advice on Finance > Members Advice on Bankruptcy

Rating Summary

Show only

Reviews with images (1)

1-8 of 8 reviews Show most helpful reviews first Newest first

 

It's The End Of The World As We Know It Review with images

Advantagesfresh start, no more debts

Disadvantagesfinancial restraints, bad credit rating, possibility of losing all assets, embarrassing

"This account only covers personal bankruptcy. I do not know anything about business bankruptcy and will not be able to comment on it. A couple of years ago everything in my life was on the up. I had a great job with a brilliant take home pay, a car and was going on holiday a couple of times a year. Then things changed. I was made redundant due to restructuring in the company and my position was suddenly not there any more. I had not been with the ..." Read review
16.12.2007

Ciao members have rated this review on average: very helpful

No credit for taking this decision

AdvantagesFrees you of worry

Disadvantagesfeeling ashamed, financial restraints

"Yesterday I went to court, to begin the process of winding up my personal and business affairs. It took me a long while to realise that I had no choice but to opt for Bankruptcy and it isn't necessarily the easy option. My business collapsed this year, after poor trading for several months. I made the mistake of propping up the business for too long, as I didn't wish to put people out of work and, more importantly, I trusted the wrong people. However, ..." Read review
21.06.2005

Ciao members have rated this review on average: very helpful

Community Level 3sammieg29

sammieg29

A FRESH START!

Advantagesanuls all debt that you cannot pay, gives you a fresh start

Disadvantagesaffects your credit rating, gets put in the local newspaper!

"Here we go , quite an embarressing situation to discuss. But i thought if it helped someone ,somewhere contemplating whether to become "bankrupt" , then its worth while! We have struggled for many years trying to pay off debts, consolidating loans, taking more credit out to pay bills. ( Im sure its something most people can relate to ...we found it got dramatically worse after baby number three! Icouldnt afford childcare, and have found it hard ..." Read review
24.08.2004

Ciao members have rated this review on average: very helpful

Community Level 5Pelenya

Pelenya

A Last Resort for Me

AdvantagesA fresh start

DisadvantagesRuined credit for a time, stigma, embarrassment

"I actually suggested this category for Ciao several months ago. I haven't had the nerve to write this opinion until now. Bankruptcy isn't the credit standing death sentence that it used to be. After three years, some creditors are willing to lend money to the person who has been bankrupt if they can prove that they have adequately repaired their poor credit. However, it is not completely wiped off one's credit record for seven years. At least that ..." Read review
24.03.2002

Ciao members have rated this review on average: very helpful

Community Level 4Mitchellan...

MitchellandAimeesMum

A New Start

AdvantagesStarting a fresh

DisadvantagesEmbarassment and what comes with it.

"Ok, I'll try again! Ciao this is my original review, I wrote it, I haven't copied it, but I want to add some more and can't access the account from which I originally did this! PLEASE DO NOT REMOVE IT AGAIN!!. Thanks to everyone who reads it. _____________________________________________ It all came to a head October 2001. My latest child had just turned 1 and my husband had a business that unfortunately had gone wrong. We were borrowing credit ..." Read review
24.11.2006

Ciao members have rated this review on average: very helpful

Community Level 5allyb2003

allyb2003

Turning over a new leaf

AdvantagesA fresh start, clear all debts etc

DisadvantagesEmbarrassment, bad credit rating

"It all came to a head October 2001. My latest child had just turned 1 and my husband had a business that unfortunately had gone wrong. We were borrowing credit left, right and centre and were getting deeper and deeper into debt, the only solution was bankruptcy. Bankruptcy has to be the last solution as its a big step to take and lasts for 3 years. The funny side of it is that you have to have money to make yourself bankrupt. At the time the ..." Read review
10.06.2004

Ciao members have rated this review on average: very helpful

Community Level 1Dibbles83

Dibbles83

Bankruptcy can be the best thing

AdvantagesRelieves you of pressure from your creditors,Clears all your debt

Disadvantagesembarrassing,published in the local paper

"I owed more than £20000 to catalogue companies,finance companies and credit cards. This Debt accrued over a period of 6 six years,I cannot believe I let myself get so deep into debt but it was so easy to do. I was a single mum of one and I bought all our clothes out of catalogues,it was the only way I could afford them by paying them off monthly, and when I ran out of credit on one catalogue I would sign up for another and this went on and on until ..." Read review
18.06.2006

Ciao members have rated this review on average: helpful

Community Level 3Amanda2114

Amanda2114

Information on Bankruptcy

AdvantagesStress regarding the implications of Bankruptcy

DisadvantagesPeace of mind that your finances have been sorted.

"The process of bankruptcy is a complex one. I am going to try and explain it the best I can. Firstly, what is bankruptcy? Bankruptcy is an option for people who are unable to pay their debts. Bankruptcy will leave you free from overwhelming debts, and make sure your assets are shared out fairly between your creditors. There are three ways that you can become bankrupt: Voluntarily (you declare bankruptcy), involuntarily (by the people you ..." Read review
04.01.2008

Ciao members have rated this review on average: helpful