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Bankruptcy options

Hi guys,

I've finally had the courage to ask since it wasn't really an option before, but now things have become unbearable, and was advised by CCCS to do so, so here goes.

I'd like someone to help me out. I'm studying law, and am in my third and final year. I want to become a solicitor, but I have tens of thousands of pounds worth of debt, which I just cannot afford to pay anymore. However, I'm scared that I'll ruin my career before it has even started if I claim bankruptcy, even though I was advised to declare myself bankrupt, since the payments are unaffordable, and the banks are unwilling to negotiate whatsoever.

Would anyone know whether it will affect my career if I declare bankruptcy? I know that you can't be a solicitor for the one year while you're an undischarged bankrupt, but since my degree ends in August next year, if I claim bankruptcy, should that be a problems by the time I graduate?

Thanks in advance for any help.

Comments

  • fermi
    fermi Posts: 40,542 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker Rampant Recycler
    Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

    **********************************************************

    I was under the impression that nowadays you are only completely barred while undischarged.

    But you should really check with somewhere like the Law Society to get a definitive answer.
    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
  • After a year I am discharged. What exactly does that mean for myself and my credit file?

    Bankrupt made and given in Scotland but will be in England time of discharge.

    Regards
  • Hi

    You sound like you are in the same situation as me with the amount of debt etc and i am trying to find out whether i can give financial advise after being discharged.

    It sounds almost hilarious to say i want to give financial advise but we all know that even the best business men and women can have financial disasters.

    Sorry i dont know the answer to your question but wanted you to know you are not alone.....
  • Hi kompess,

    The main difference is that you can start to sort your credit files out.

    http://forums.moneysavingexpert.com/showthread.html?t=677875

    http://forums.moneysavingexpert.com/showthread.html?t=1044617

    Take a look at these threads on cleaning up your credit file - you can start that now (ie after discharge) and the sooner you get cracking the better for your financial future! Very best wishes to you in your new debt free life! CBx
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