Now Ye're Talking - to a Bankrupt Student

JimFin wrote: »

Well done firstly on keeping focused and on having the courage to go back to college.

What is family life like now, can you go for a family holiday? Any 'luxuries' at all?

When things were going well back in the good days were you/your family used to a high standard of living?

You said that Electronic Eng. caught your interest on the open night, do you still feel this was the course for you? Was it something you were always interested in?


Best of luck - hope the future is good to you and that one day you can look back on it all while enjoying better fortune.

No major luxuries. The wife spent her unfair dismissal money on a trip to florida with kids. That was before the crash. When the crash happened we cut back immensely. She's driving a 2010 car, it's hers so not in my assets, we live in a mid terrace house. Simple belongings. I'm glad though as it simplifies the asset search for me. I'm not Sean Dunne, I don't have assets all over the place with stuff to be accounted for.
I was a shop manager who took over the business, not a high flying businessman.

Now, off to do some work, back later

Mohammed Alive Elevator wrote: »

Kudos to you for talking about it so openly, I have three questions.

Do you think if you had of been harder with customers and paid yourself first you would of got a better outcome?

Also has your attitude towards how you view money changed?

What advice would you give a current business owner in regards avoiding going bust?

1. Not really. The area I was in died, the council had traffic wardens running around and scaring people away. The place died. I was in a row of about 8 businesses. I was the second last one to close/change hands.
Some of the businesses changed hands multiple times and I was practically last man standing.


2. I hate money! I used to walk down the road with 20 grand stuck in my jacket. 5 grand stuck in my sock. Now I don't care about money. As long as I have what I need, I am happy.


3. Dont over extend yourself. If business is bad, and advice is to close, then do it. I kept my place open as there were developments in the area that would have caused the place to go mental. Delays, recession, and objections buried it. Ultimately, I was left with nothing. I didnt stiff anyone, I called in my suppliers by arrangement and paid them. The only one left unpaid was the landlord (me) and ultimately the vulture fund.


It was a release when they appointed a receiver. It forced me to do what I had to do.

I got a text today, someone recognised me. !

Deleted User wrote: »

Hey OP. I truely admire your courage energy and positivity. This experience can’t have been easy on you and your family.

Where do you get your resilience from?

I had no choice, I was trapped. Started taking no crap at the end. A guy came in and was abusive. I dropped him.

I was tired. Mentally and physically. Out from 6am until 9pm. It did effect my family. Good riddance. For a long time after, I could not even go into a shop to buy something. The wife would say "let's go shopping". I would ask her did she really want me to go to a shop.....

Now all I want is a quiet life. My health is not great, but I have to keep going.

Ubbquittious wrote: »

Are you enjoying much of the college craic? Class parties, hanging out at classmate's houses with a big pizza box infront of you and a few cans? Did you join any societies?

Not really. My college has a society for this and a society for that, but I still have a house to run at home. My wife, as mentioned above, is doing a degree but she is dyslexic, so when I get home, I have to assist her with her essays and typing. On the last day of exams, I did go on a bender with a couple of them. Wimps couldnt keep up! I am also a volunteer in an organisation, so sometimes I dont have five minutes to myself. Studying for me is getting up at 4am when the house is silent. Its a big juggling act. I am actually the man of two houses, the second being a widow relative. I have huge maintenance work to do in both places. Kinda hard when when you are smashed.

Cupatae wrote: »

it sounds like a rough ordeal! fair play for coming thru that, since you realised going by the book wasnt working was there no other way other than bankruptcy ?

Did you ever think about pulling pin, selling your house, gaining as much money as possible, bailing to another country and then going back declaring bankruptcy when the writing was on the wall? as to preserve as much money as possible?

I had to go the bankruptcy route. There was no other option. The family home is supposed to be protected and with it being in negative equity, it has a zero value at present. At present, my half of the family home is technically held by the Insolvency Service, if after three years it has equity, we have to buy it back. I understand if there is no equity, they offer it to my wife for a nominal sum of 5 grand perhaps.


Things may be coming down the line in years to come, so I had to draw a line under this whole situation. Bailing the country is not an option. I was upped and moved countries when I was young and it is not a great idea for children.