[lilmissmars]

Okay so I'm looking for advice (obviously) about our current situation.

My partner and I have both been married before and both walked away from the marriages with debts. These debts have been sinking us for the last 12 months and it hasn't been getting any easier.
Our options recently have been pointing towards each of us going bankrupt.
My partner, luckily found out he could get his overseas super released and we will be able to pay off his debts in NZ with the balance he has received.
My debt on the other hand still looks like ill have to go bankrupt in order to get us out of the financial hole.

Has anyone else gone bankrupt? Even the lady at debt assist said bankruptcy is my best option. I'm really struggling with this.

I guess I'm just wondering what experiences other people have had with bankruptcy. Obviously it's not at all ideal and I can forget about getting loans in the future (not that that is an option for me anyway as my ex husband still won't take me off his home loan even though the property is transferred to him)

Just feeling a bit lost and most of all don't want to make the wrong move for our/ my financial future.

[SoxyMama]

My Mum went bankrupt and it did free her.

[Chicky whicky]

I have just finished my bankruptcy. Basically no credit for 3 years but you get used to that, plus restrictions on travel. Ask away.

[lilmissmars]

My partner is nz and we would like to go there at some point. Can I be stopped from going?

How did it change things for you? Was it hard?

[jm3]

You have to be discharged for usually around 7 years before you can get some types of insurance again. In my job, I've turned down many business owners due to being bankrupt in recent years.

[lilmissmars]

What kind of insurance?

[middle]

be careful if you have a loan with ex hubby as i would say that it would also affect it. i would check with the bank that the loan is held at

[Cherish]

I reckon if you casually mention to your x husband about being on his home loan and how you going bankrupt will affect that he will take you off quick smart.....!

[ParadiseAlly]

My ex and I had loans together and while together he went bankrupt. I personally really didn't want too, but 3 months later I did. When I look back now, it was the only way out.

After three years, I had saved enough money for half a car and I got a loan for the rest. I paid that off in 2 years. In my 6th year from filling paper work I got a loan for a mortgage, and didn't have a problem getting it. I was very up front about the bankruptcy and had letters from itsa to show when my 7 years was up. Have since this year 7.5 years out and got a loan for car (brand new) without a problem.

I've never had a problem with getting insurance, in the first three years if you wish to travel overseas you need to write a letter to itsa asking to leave the country and they will need to know all details.

I don't have a credit card and nor do I wish to have one. If I want something I save for it. I layby a lot of things and really to this day I hate oweing money.

It's not something to do light hearted, have a good think about the next 7 years of your life.

[Chicky whicky]

We had a business fail and had to go bankrupt. Basically you have to surrender your passport and have written permission from it's a to leave the country. They can refuse permission if they feel you are a flight risk.
You might have trouble changing mobile providers even if you have a perfect record at your current one. Some of the cheap insurance providers like youi won't insure current bankrupts either.
To be honest I haven't missed my credit card, and we never bought things like furniture if we didn't have the cash anyway.
At the time going bankrupt was our only choice and the relief after signing those papers was immense. I felt really bad for the people we owed money to though. You do know that it's a will wont a complete list of debts and assets from you? So I would start compiling them now. They will demand a certain percentage of your income once you earn over a certain limit as well. Also they can take any extra super payments you have made (not your compulsory employer paid ones). Do you ugly own your car or have a decent equity in it? If it worth over $7000 I think and you have that much equity in it,they can take it and sell it and use anything over that $7000 to help settle your debts. You get that first $7000 back.