The bankruptcy blogger was adjudged bankrupt on March 11th 2005 and was discharged 34 weeks later. He told me about his experiences of debt, bankruptcy and moving on financially.
Click on the audio bars to hear his story.
For many people people the path into debt starts with a change in their life circumstances. The bankruptcy blogger started to lose control of his finances following his divorce.
His attitude to money was a common one: "I had always taken the view that one can live with a certain amount of debt and that so long as the debt could be serviced then it was ok."
A sudden change in his financial stability following his redundancy in 2001 left him unable to service his debts.
It was then that the blogger started to realise the financial mess he was in.
The major debt consultation charities can provide counselling and repayment options, but by this stage the blogger was too far in debt.
Like many others, the blogger felt that his debts were getting on top of him. The Citizens Advice Bureau report that 62% of their clients say they are suffering from stress, depression or anxiety.
The blogger was worried that he would find yje process humiliating. Because of the bankruptcy he had to cease trading with his business and ended up on benefits. He was scared of losing of his possessions, but actually found that given the cost of reselling them, it wasn't worth it for the court.
A report by the Centre for Insolvency Law and Practice recently revealed that stigma remains a serious concern among those considering bankruptcy. The blogger shared those fears and to this day remains anonymous.
Despite the stress and upheaval, the blogger now feels in control of his finances.
However, the bankruptcy remains on his records and in some ways he finds it difficult to move on. Currently he is struggling to find a credit card to allow him to trade online. If you would like to read more of the bankruptcy blogger's experiences, please follow the link to his Personal Bankruptcy blog.
(Total audio time 5:31)
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