“At the age of 37, she realized she’d never drive through Paris, in a sports car, with the warm wind in her hair…”
Well, I still hold out a little hope. But, at the age of 37, I am bankrupt and Paris seems very far away – at least three years I’m told.
Today is June 30, end of financial year 2010 and the last day of my own personal financial Annus Horribilis. I became bankrupt six weeks ago and I have been planning this blog since that day, it seems appropriate to make my first post coincide with the new financial year.
You probably think I'm an idiot. I must be a financial moron or, at the very least, a little bit dodgy to end up being bankrupt. I’m not. I confess I am an optimist, a risk-taker and a great deal too trusting but I just made some honest mistakes and allowed other people to take advantage of my goodwill. Long story short, I signed three personal guarantees for loans that I am unable to repay if, as appears likely, my ex-partner defaults on them. My part in the failure of the business venture he undertook is contentious, but I won’t bore you with a blame game because it won’t undo my bankruptcy.
What I want to address here is the lack of first-hand information online, or anywhere else, about what really happens when you go bankrupt, particularly in Australia. I’m looking for some insight, a ray of hope, a path already beaten that I can follow a little less blindly and maybe get a preview of a future that looks a little more appealing than the present. I can’t find one that works for me, so I’m writing it instead. I am starting at rock bottom and I’m going to drag you along behind me, rending my fingers on any infinitesimal lump of optimism, wedging my cold, bare toes into each tiny crack in this wall of regret, whilst bleeding the occasional sour grape, and working my way up and over to the other side of bankruptcy.
If nothing else, I have you, dear reader, and that means something. You clearly came looking for something about bankruptcy, so I figure I’m not alone - and neither are you. In fact, in the financial quarter before I went bankrupt, 8,880 people in Australia had joined the club. In the financial year ending June 30 2009, 36,479 people filed for personal administration under the Bankruptcy Act. Interestingly, only 13.9% were business related, the majority are due solely to the personal mismanagement of debt. You can read about the Profile of Debtors here. Apart from gender, I appear to be the typical bankrupt. I can't decide if this makes me feel better or worse.
In any case, I won't be getting out much for the next three years so writing a blog seems a good way to track the passing of time - and keep me out of trouble!
Well, I still hold out a little hope. But, at the age of 37, I am bankrupt and Paris seems very far away – at least three years I’m told.
Today is June 30, end of financial year 2010 and the last day of my own personal financial Annus Horribilis. I became bankrupt six weeks ago and I have been planning this blog since that day, it seems appropriate to make my first post coincide with the new financial year.
You probably think I'm an idiot. I must be a financial moron or, at the very least, a little bit dodgy to end up being bankrupt. I’m not. I confess I am an optimist, a risk-taker and a great deal too trusting but I just made some honest mistakes and allowed other people to take advantage of my goodwill. Long story short, I signed three personal guarantees for loans that I am unable to repay if, as appears likely, my ex-partner defaults on them. My part in the failure of the business venture he undertook is contentious, but I won’t bore you with a blame game because it won’t undo my bankruptcy.
What I want to address here is the lack of first-hand information online, or anywhere else, about what really happens when you go bankrupt, particularly in Australia. I’m looking for some insight, a ray of hope, a path already beaten that I can follow a little less blindly and maybe get a preview of a future that looks a little more appealing than the present. I can’t find one that works for me, so I’m writing it instead. I am starting at rock bottom and I’m going to drag you along behind me, rending my fingers on any infinitesimal lump of optimism, wedging my cold, bare toes into each tiny crack in this wall of regret, whilst bleeding the occasional sour grape, and working my way up and over to the other side of bankruptcy.
If nothing else, I have you, dear reader, and that means something. You clearly came looking for something about bankruptcy, so I figure I’m not alone - and neither are you. In fact, in the financial quarter before I went bankrupt, 8,880 people in Australia had joined the club. In the financial year ending June 30 2009, 36,479 people filed for personal administration under the Bankruptcy Act. Interestingly, only 13.9% were business related, the majority are due solely to the personal mismanagement of debt. You can read about the Profile of Debtors here. Apart from gender, I appear to be the typical bankrupt. I can't decide if this makes me feel better or worse.
In any case, I won't be getting out much for the next three years so writing a blog seems a good way to track the passing of time - and keep me out of trouble!
3 comments:
This is a great idea, not only informative for people who need to declare bankruptcy but also to increase community understanding about the reasons why people declare bankruptcy. This might help to decrease the guilt and stigma many people feel when having to declare bankruptcy. I look forward to reading more.
Thank you , thank you , thank you.
Your right in regards to the lack of information on the internet on how people cope with the bankruptcy. There is plenty of information on how to become bankrupt and on companies that can help you etc, but nothing on what effect it has on your everyday life , what effect it has on your relationship and family.It is a very lonley place to be in when you declare youself bankrupt , you think you are the only person in the world going through it because everyone around seems to be getting ahead or doing things as normal.
My situation I am 40 years old , had my own business for 10 ten years, everything was falling into place, to cut a long story short took some advice that in the end killed me. I lost everything got screwed by a bank where they simply did not care that they were going to be responsible for basically sending my family out on the street.
I have 3 kids and think to myself how am I ever going get through this.
Look forward to reading more.
Thanks so much for your comments. Love hearing about your experience, Anon. I feel a little less like a business pariah. I know exactly what you mean about the isolation and watching everyone around you succeed, it's excruciating. A lot can happen in three years though (don't we know it!).
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