Hi oba, as Oliver says, BR is nothing to be frightened of, and if you have no assets may be the best way forward. I went BR at the end of March and it was much less daunting than I thought it would be. I completed my paperwork online and attended the court (some courts are appointment only, others are first come first served) and it was done. When I got to court the clerk read through my paperwork, I swore on the bible and then she took my money and I went upstairs to wait to see the judge. I didn't have to go into court, I saw him in chambers and he went through the implications of BR with me and then signed the petition. As of 10.15am on 29th March 2007 I was bankrupt. I then had to wait for the BR order to be drawn up, and I was back at work by 11.30.
I had my interview with the Official Receiver on 10th April, and even that wasn't as bad as I thought it would be. I was allowed to keep my car (I need it for work) and as I have no other assets it was a short call. As I have disposable income I am subject to an IPA (Income Payments Order) and I will be paying £186 per month, as opposed to £459 in my IVA.
I am not trying to influence you either way oba, but I just wanted to let you know it's not as bad as you might think. There is more information about my experiences in my blog.
Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.
View my blog at
http://skippy13.blogs.iva.co.uk/