Bankruptcy or no Bankruptcy??

I think your relationship and stress is worth a million times more then being bankrupt for 5 years. BIG DEAL.. 5 years is nothing, save what you can during that time if you can. Otherwise you and your partner have each and that is the most importnant.

Buying a house is to me so not important.. it will be nice one day down the track but having each other and being stress and being a stay at home mum is much mum more important then buying a house or a car or getting a personal loan for something.

Good luck my dear!

Yep I agree but I think people are just explaining that there are options other than bankruptcy. And it's longer than 5 years...it's still affecting me now and it's been nearly seven years.

Hmm, I'm no expert but I'd try to avoid bankruptcy if possible. It can affect a lot of things. For an example, even when you take out an insurance policy for your car, home or business etc. the application form asks the question "have you ever been declared bankrupt?" and it can effect an insurers decision to insure you because you might be seen as higher risk. That's just an example of how it can filter into other area's of your life.

What about debt consolidation like someone else mentioned?

Also, not sure if you are already working, but if not, would you consider getting a PT job on weekends?

PS: FWIW we have one car. it's hard but it's do-able.

I should say that even if you're still paying off the car then you'll get to keep it if you do declare yourself bankrupt as long as you're not behind in the payments. They won't take the car as it's still financed it doesn't belong to you does that make sense? It's the same if you go into the debt agreement.

What about a night/evening job? Packing shelves? Cleaning? Working in aged care? That way your partner could be the carer? If you put every cent you earnt into the debt you would prob be debt free in less than 5 years? I would think that bankruptcy would be an absolute last resort and while your debt probaby feels insurmountable - to stuff your credit for such a (relatively*) small debt would be a shame.


* I don't want to discount the stress your debt is causing but I believe with good advice you could avoid bankrupcy as $41K isn't huge

Have you thought of trying a financial budgeting company? My bro and his wife were getting themselves into a bit of financial trouble early last year and signed on with My Budget and are now doing quite well. They told them all their debts (including to parents) and I think they organised payment plans with creditors AND they even set aside money each month for savings....I think all their pay goes to them and they then give you money each week to live on....My bro thinks it is great - and if he ever needs money (e.g. broken down car) he just rings them and he can access his money (savings and money set aside for bills) from there, but they just let you know how this will affect your financial situation first (he describes it as 'a conscience' talking to him).

Something like that might be worth a try???

Whatever you decide to do dont go through Fox Symes. Thats what my partner did when he got himself into a bit of trouble and hes in even more trouble now because of them. What he thought was a debt agreement turned out he is technically bankrupt but still pays off his creditors.. :confused: i dont fully understand it but he is the middle of a huge fight with them, hes refusing to pay but they keep depositing money out of his account. He has even tried to file for bankruptcy but apparently cant because of the agreement he is on... it is such a huge mess.

But i really do think you should get a second opinion and really think about it, as much as it will be a relief at first you just dont know how it will affect you in the future. As for your second car as long as its worth less than 6 grand it wont get taken off you.

Good luck :hug:

:

---

Whatever you decide to do dont go through Fox Symes. Thats what my partner did when he got himself into a bit of trouble and hes in even more trouble now because of them. What he thought was a debt agreement turned out he is technically bankrupt but still pays off his creditors.. :confused: i dont fully understand it but he is the middle of a huge fight with them, hes refusing to pay but they keep depositing money out of his account. He has even tried to file for bankruptcy but apparently cant because of the agreement he is on... it is such a huge mess.

But i really do think you should get a second opinion and really think about it, as much as it will be a relief at first you just dont know how it will affect you in the future. As for your second car as long as its worth less than 6 grand it wont get taken off you.

Good luck :hug:

---

Hi, I was in the same position. Definately get a second opinion, I would also stay clear of Fox Symes.

I was in the same position and brought a book that explained it all. Home

The book was kind of small but it did have what I needed and it only cost me 35 bucks. Good luck with it.