Bankrupt and feeling stressed

[MischeifManaged]

Hi all!

Due to a break down of a toxic relationship, the loss of over 200k on the sale of a property that I couldn't afford in the first place along with many other horrible decisions, I decided to declare bankruptcy. My wife also decided to declare bankruptcy as by this stage all of our finances were tied up together. I carry alot of guilt for her having to even consider this action due to me. I am also not disillusioned that this is all my fault either.

Prior to the bankruptcy I was in a very dark place and was suffering from intense and debilitating daily panic attacks. I could breathe, I would breakout into a sweat, the room would spin, I would hyperventilate to the point that I would vomit and choke and on occasion passed out. I debt collectors calling everyday and I was trying to service the loans still which left us with very little money once rent and bills were paid. I felt horrible, the children couldn't participate in activities, some days we would miss work because we couldn't afford to get to work (petrol, bus fare, parking). Now that we have declared bankruptcy life is much more manageable, the panic attacks are gone and as a family we are more functional and able to support hobbies and activities. Although there are still hurdles to face and I've found very little support available for those who are actually bankrupt.

However, the relationship between us and our landlords has broken down. They have been unwilling to make necessary repairs to the house, even though they are genuine safety issues and have suggested that we should just be thankful to have a roof over our heads due to our bankruptcy. I can feel the anxiety start to rise inside of me again and I am worried that we will not be approved for a rental property despite having a good income and good secure jobs. We have no one who can guarantor a lease and we do not have many savings as we've been playing catchup since we filed. We have never missed a rental payment and have always taken reasonable care of our properties. Does anyone have any experience witbankruptcy and renting?

Thanks everyone 🙂

[white knight]

Hi, welcome

Bankruptcy, I believe, lasts 3 years and you can in that time get or at least apply for small loans for Whitehorse etc.

Look, I might sound radical here but if I was in your situation I'd find alternative lifestyle and accommodation at least until I've found financial security.

This would be my plan- a move to a regional small to medium town large enough to find employment, small enough for a relaxed lifestyle. Buy a low prices large caravan and get it moved to a caravan park. Settle in then seek work.

But I accept this wouldn't be for everyone. So I'd still recommended a move and seek renting a country house.

It doesn't seem the city is your friend especially with anxiety.

Please Google

Beyondblue topic a move to the country- why not?

Beyondblue topic anxiety, how I eliminated it

TonyWK

[MischeifManaged]

Hi,

Thanks for your reply.

Certainly we need to move however we are very happy with our lifestyle in the particular area that we live.

Although I've not disclosed where we currently live, it is not in a city and even if we did live in our closest city the rental prices are all around the same price as we are currently paying. We are happy to pay the price that we are currently paying or even a little more.

Given that we both have jobs that we enjoy and find rewarding and they are permanent well paying positions, I dont think giving those up is the answer. We also live a very low key, minimalist lifestyle and are already pretty relaxed people.

We are happy to move within a 50km radius of where we are currently are. We have made many changes to the way that we live over the past few years and although we have certainly considered moving further out or interstate to regional areas as well as city areas, we've firmly decided that we are happy where we are.

A caravan in our area, Northern Australia, probably isn't the best idea given 1. The heat 2. Cyclones and severe weather 3. We are a family of 5 with a dog. We also do not have the money to purchase a caravan outright and we are 110% against accessing any form of credit.

My anxiety about this particular issue is the rental application process and how our bankruptcy will affect our application and contention and if anyone has had any experience with this. This would be a concern whether we were in the city or the country.

More then 20,000 Australians declare bankruptcy every year and it is reported that on average 50% of those people are renters of residential properties. I cannot believe that I am the only person that has been in this predicament though with all of my internet trawling I haven't yet found anyone who has been through this.

I understood the penalties of bankruptcy and that it may affect our ability to obtain a rental property. At the time we filed we had a secure rental property unfortunately due to their own financial issues the landlords have been unable to maintain the property as it should be and the relationship between them and us has broken down and we are unable to stay.