I’m terrified

[Scarborough]

after the death of my mum, suffering covid that left me bedridden and scared for my health and the break up of my marriage May-November 2020, the loss of my dad in December 2021 and possibly being the victim of a scam( person still in contact so not sure right now) during this time I have ended up in £33k worth of debt.

My mental health has been at an all time low and at one point I didn’t want to live anymore. I am suffering from depression and anxiety and the stress of trying to decide which way to go is making me feel so ill I am terrified as I don’t want to make the wrong decision.
I have been in step change website and they have two solutions for me….Iva or bankruptcy. Which to choose I’m really not sure….I think the bankruptcy would give me the quickest relief to my situation and ease my feelings of ill health.

But I am terrified of what happens when you go bankrupt…..I live in a rented flat with a work colleague as I cannot afford to live on my own. My car is very old and is only worth scrap value maybe but not more than around £300 if I’m lucky but I need it to get to work.
what happens to you if you go bankrupt? do the police turn up at your door, will they repossess my sofa, my clothes, I have some silver jewelry but certainly nothing of any substantial value, a 35 year old stereo system that works when it feels like it,
can someone please tell me what I can expect please. I am struggling so much that I would struggle to pay the bankruptcy fees too

[echat11]

Hi Scarborough

Welcome to LB

Try not to panic, things are never as bad as they may seem,
don't over think the situation, distract yourself when you think about it.

Can you provide more details on your debts like creditor, amount and
when the account / loan was taken out, last payment made and any
relevant details (don't post personal details).

[atticus]

I am sorry to read this. You are in a difficult and unenviable situation.

I think you should make appointments to consult a debt adviser at your local Citizens Advice Bureau and also Stepchange. You need to have an in depth discussion, and this can take time.

Above all, do not rush into the arms of the sharks who peddle IVAs. From what you have said, this could be the worst outcome, tying you up for several years.

Little if any of what you list will be taken in bankruptcy, and the police will not be involved, but that is not the only alternative.

Take your time. Take good independent advice. Do not rush into something. And do not take any decision between 6.00 pm and 8.00 am.

[dslippy]

Atti is right. Stay away from the IVA route. Bankruptcy is intended to hurt, but not so much.