Reason For Bankruptcy

Sara2009

HI
I am a mother of two kids and have enough earnings to pay all my monthly installments(Regarding Loan).But because I want to give more time to my childrens,so I am going to resign my job and want to declare bankruptcy.
Please advise me Is this a valid reason for bankruptcy? thanks

smilernpb

To be honest, I am not sure. I think you are supposed to be struggling to meet your replayments and such like, and would probably be advised not to file for bankruptcy. It probably won't look too good that you had a job and resigned (at the risk of being rude) just so you could wipe off your debts through bankruptcy.

philnicandamy

You really need to look at the implications of bankruptcy....its not quite the quick fix you think

Merry_Gentry

You need to be insolvent to go bankrupt. And giving up a job in the current climate doesn't seem like a sensible move. Have you spoken to one of the debt agencies?

Sara2009

Thanks for all replies

sieve

Hi Sara,

I am sure you are aware of the general concensus here but just to add my 2p's worth. Bankruptcy is an absolute last resort, designed to help people who have no other alternative. It is not designed to enable solvent people to wave goodbye to their commitments so that they can have a better life (as attractive as the option may seem) and I think a judge would take a very dim view of you deliberately making yourself insolvent - he could potentially say you acted fraudulently incurring debts that you had no intention of repaying.

I am not saying AT ALL that this is what you have done, but that is probably the way the court would see it, so you need to think very carefully before taking this any further.

Also - don't forget you may lose your house, car, etc - not a good thing to put your children through if you don't have to - which you don't.

Cheers,

S

philnicandamy

I applaud you for thinking of your children....is there an easier way to spend more time with them? maybe drop some hours at work? as others have said Bankruptcy is a LAST & FINAL RESORT when all else has been exhausted