i had to declare myself Bankrupt after the Euorpean Working Time Directive STOPPED me from working overtime limiting me to a 48 hour week.
I lost about £160 a week in overtime and could not carry on with my Mortgage payments after paying it for 12 years with never a missed payment. I managed to sell my house at the last Minuite so the Building society got every single penny back. My wife and i had to then pay back £250 a month between us for 3 years. It is now just 5 years to date today but we are still treat like crimminals and cannot even get House contents insurance.
We have a Council House now but its falling to bits and the council will not spend anymore money on repairs ! we desperatley need some new windows as the old wooden ones are rotten so i want to see if i can buy it from them getting a Mortgage. How much longer should i wait before trying to apply. My only crime was to have my right to work over for a living taken away from me. We both still have jobs but the rent is just going up and up and we can not get anything done in the house.
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Filing bankruptcy hurts your credit score in some big ways. Here are a few you should keep in mind before deciding to file for bankruptcy.
Bankruptcy Causes Your Credit Score to Plummet
There is no way to underestimate the impact a bankruptcy has on your credit scores. It is one of the worst things you can do to your scores. A bankruptcy can make your credit scores plummet by 200 points or more.
A Bankruptcy on your Credit Report Causes Long-Term Damage
Having bankruptcy information listed on your credit report will impact your credit for years.
The public record of a Chapter 7 bankruptcy stays on your credit report for 10 years.
Any other bankruptcy references remain in your credit file for seven years including:
*Chapter 13 public record items
*Any accounts included in a bankruptcy
*Third-party collection debts, judgements and tax liens discharged through a bankruptcy
Bankruptcy will stay on your credit report for 10 years and on record with the bankruptcy court forever, but credit won’t be off limits to you for that full amount of time.