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| T O P I C R E V I E W |
| Matt W |
Posted - 06 December 2008 : 18:54:41
I'm considering going bankrupt and am looking for some advice from anyone that knows professionally and also personally from experience. I have £46K worth of debt accumulated over 8 years. I am a freelance film maker. Some of the money was used to cover my mortgage when my income was low. I have also invested in my career, (making films) in the hope of advancing it and have spent a considerable amount of the money I received from selling my flat (£16K) in trying to advance film projects and going backwards and forward to LA where most of my business is. I am nervous about going bankrupt, mainly because I fear my financial details of past 3 years being heavily scrutenised. I don't think I've done anything fraudulent but am just feeling paranoid. I receive a small income as music writer (£4K a year approx) but although I have been paying my creditors between £1 and £30 a month, have invested any money that I received as income or as a loan from a film distributor (£52K) in trying to further my career in the hope of making enough money to settle my creditors. However, I am now penniless, on Job seekers allowance and cannot realistically keep these payments going. The debt to the film distributor will be settle by a quitclaim. They will gain full ownership of a project I have tried to set up with their investment. Are my fears reasonable or am simply in the same position as most people. Will the court want to see bank statements going back 2 years. How closely will they examine everything that has gone through my accounts?
Thanks very much for any advice. Also what are the disadvantages of going bankrupt. I don't own a car or flat. These have all been sold to finance my projects. I pay £80 a month for storage where there are old sofas, books and papers. Will the court want to know more about this and want me sell them? (Not sure who'd be interested in buying them) Thanks very much. Matt |
| 15 L A T E S T R E P L I E S (Newest First) |
| Trolly-Dolly |
Posted - 07 December 2008 : 22:51:14
My motto is, you do what you have to do to survive. I'm not jetting off to the Caribbean (well actually I am, but work pay for it!), I'm just a single mum with two little girls to take care of. Heck, I treat myself (I still go to the gym, glug far too much wine and buy nice make-up), but I dont do it on credit anymore, so I am always skint!!!!!
I have no idea how much they watch your account/movements. I have asked this question many times and never really had an answer. I'm trading on ebay by selling old stuff, and have not mentioned it as I need the dosh for car works, boiler that has packed up and council tax arrears. I'll have receipts for everything and that is all that matters to me.
Didnt care about the paper really, as never saw it in the end!
Think the last debtors prison closed in the 30's! Can you imagine the banter between inmates?
"What you in for?"
Oh and I go LA like all the time...awesome.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Matt W |
Posted - 07 December 2008 : 20:19:13
Hi Jenny,
thanks for message. I must admit having my name in the London Gazette (isn't that where they put it?) is not of the least concern to me. Maybe if I was a pillar of the community, a solicitor or something I would be more concerned. In fact I'm not even sure they're allowed to go bankrupt. Again, it would be useful to know anything more about your experience. One thing I'm interested to find out is how you cope/deal with money during the year following and how difficult/easy that is. I certainly know some people who had freelance work but the money simply didn't go through their accounts (not that I am recommending that!) I guess what I'm trying to find out is the extent to which the OR keeps a tab on what you're up to. From what I gather, not that much, unless you've won the lottery and your face is in the paper. |
| movin on |
Posted - 07 December 2008 : 20:12:10
Hey Matt
Just wanted to welcome you too - bit late i know but not been on all weekend 
I wish i had done it a long time ago, instead of burrying my head in the sand, as many of us do  and i certainly dont regret it....although my name has been in the paper i have not had anyone asking me about it and only the people closest to me know - its very weird as i was expecting people to judge me, but it just didnt happen ??!!??
Jenny
xx
Onwards and Upwards is the way im going :-0)
xx |
| Matt W |
Posted - 07 December 2008 : 19:39:40
Yes, so would I!!!! I let you know how I get on! Do you fly to LA? I've been on Virgin a couple of times this year. Once even pitched your boss Richard a project as he passed through cattle class. He was very pleasant. Told me he'd tried making money with a film company, realised it was the quickest way to lose money so didn't want to waste his time anymore and moved on to planes.
Yes, it's funny the 'negative image'. Just been watching "Little Dorrit". It draws on Dickens' experience spending time as a child with his father in the debtors prison in the Marshallsea. Thank god we don't have to go through that anymore. Just being in debt in victorian England was cause for a prison sentence. I guess with the current revelations about american car manufacterers, Woolworths, Bear Stearns, et al, half the people in the city would be locked up. Apparently someone who works for City financial published told me half the untaxed profits sent to offshore accounts are sitting in banks in Bermuda. Some people are making a lot of money right now. |
| Trolly-Dolly |
Posted - 07 December 2008 : 19:31:05
Sadly it is so common now, its important that we dont label ourselves as black sheep. We f***ed up! But thats all we did. Why people have such a snotty attitude, is beyond me now that I am educated in the subject, I had a pre-conceived idea even when I was trying the IVA route.
Keep posting Matt, would really like to track your journey from BR to Oscar Winner!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Matt W |
Posted - 07 December 2008 : 19:21:45
Thanks. Yes, I'm sure I know some people who went there.
Don't know if you suggested it but am going to give Reviva a ring tomorrow. I spoke to someone I used to work with in the music business today who was forced to go bankrupt by a creditor. Said it was the best thing that could have happened to him. I'm finding it quite surprising that I haven't come across anyone so far who regretted it happening. The reality of it seems quite different to most people's common concept. Thanks for the advice. I'm sure I'll be back with more questions... |
| Trolly-Dolly |
Posted - 07 December 2008 : 18:53:06
ha ha! I'll have a look at my company site for you. We sometimes do cheapo's to LA (Virgin Atlantic).
Went to Arts Educational Drama School (not stage school) in the early 90's. Didnt get into LAMDA but was on reserve list for Webber Douglas and RADA. Also got into Rose Bruford.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Matt W |
Posted - 07 December 2008 : 18:41:13
Thanks. Been reading your blog. That's a bit of a heavy story but sounds like you coming through a very tough time but making the most of your situation. What drama school where you at?
p.s. know how I can get any cheap tickets to LA? Where do you fly to? :-) |
| Trolly-Dolly |
Posted - 07 December 2008 : 17:56:29
Hi Matt,
I think as far as your earnings go, the that will lie with the OR.
On section 13 (I think) explain what you have told us, that work is few and far between. Like you said, actors/actresess/film makers etc are always going BR, so the OR will be aware of this already. I doubt you will have an IPA, but do mention it anyway. Its a tough old business, I know because I went to one of Londons best Drama Schools, and still ended up a Trolly-Dolly!
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| dazed and confused |
Posted - 07 December 2008 : 16:13:57
Sorry to jump in on this thread - I have been looking into migration to Canada and I was told by an Immigration Expert that BR in the UK would have no effect, but they may have been wrong so if anyone else knows more about this I would be interested to know!
I guess it depends on what kind of Visa you would be going there on - I am going for a year in January on a 1 year 'Working Holiday' Visa, and I was also looking into a Sponsorship Visa (my partner is Canadian).
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| Matt W |
Posted - 07 December 2008 : 14:39:21
Hey guys, thanks for both of these responses. It's good to hear that. Like you said it's more fear of what might happen rather than anything else that is concerning me. The thought that they might want to look heavily in to my accounts, not that I have anything to hide but probably more that I have been moving around and have not been very good at hanging on to records. Having lost the flat and the car and living with relatives, I guess I have nothing more to lose and I guess I should realise that going BR is designed for people like me.
One further question. If I do have any income in the next three to nine months it is likely to come from freelance individual jobs here and there, consultancy fees. I might get a payment from anything from £400 to £1000 once every one or two months.(or I might get nothing and stay on JSA) Do you know how I would need to handle earnings like this and what they would expect me to hand over? Thanks |
| Needafriend |
Posted - 07 December 2008 : 13:36:02
Hey TD
I have boiler ins, its costs me £15 per month and i am damn glad that i have it as mine went wrong twice last year.
I second that for not relying on credit, it actually feels quite good, although early days its kinda hard too as i always had the Overdraft to rely on, but now i have had to plan things so differently.
I too am so glad that i did it, i feel so free if you like, the weights have been lifted and i can be a human again.
I do miss the post in a way, but i dont think the postman is too bothered, it will save his back now. ;-)
LOL
Jo
x
18 Weeks down
34 to go 
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| Trolly-Dolly |
Posted - 07 December 2008 : 12:57:16
I thought there were going to be some surprises in store for me, but nearly 4 months in and it has only been positive.
Sure, the not knowing is a bit scary and I do have a tendancy to wind myself up!
But in a nutshell, I have been classed as a type 0 debtor, which means I wont have an OR interview, but instead will have the examiner deal with my estate.
I have kept everything: Home, car, bank account, mobile phone contract, Sky contract, phone & broadband etc. The only change to my life is that I dont lie awake at night wondering how I can be debt free. I havent even gone onto a nil tax code yet, and still have no IPA in place (but I dont have any disposable income).
It is hard adapting without credit, but you get used to it. I learn lessons all the time. Lesson learnt this week is: If you have no savings/contingency money/credit then it is best to take out cover for your boiler/heating/plumbing electricals and pay this monthly. My hot water has gone and it will cost me about £250 to have fixed! I dont have that, so me and my babies will be having old fashioned kettle baths until after Xmas!
I cant wait until I am discharged though, as I want to start making some more money from home, but darned if I'll do this whilst BR!
All in all, a positive experience for me. So glad I did this rather than an IVA or DMP. The only stressful bit was the run up to BR, fear of the unknown and all that.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
| Matt W |
Posted - 07 December 2008 : 08:59:46
Hi Trolly-Dolly, that's really great to hear that. I'm sure if you've had no problem I must somehow have imagined that as an issue. I would like to ask you the same question that I asked before. Was there anything that you didn't expect (negative, positive or unusual) that came out of your bankruptcy? Anything you hadn't thought about or nobody had told you about. Also thanks for the Coppolla point. I think probably half the film industry's been bankrupt at some point. |
| Trolly-Dolly |
Posted - 06 December 2008 : 22:48:11
Forgot to add that I am going to the states next week, so will check it out for you if you can wait til then.
You can read my blog here;
http://drowningmummy.blogs.iva.co.uk/ |
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