Should I go Bankrupt?

roxy86_2

Hello everyone.

So I was hoping for some advice on whether I should go bankrupt or not.

I may give a little too much info but feel it is best to give as much info as poss....I currently work as a trainee Accountant earning £16,200. I have 2 children (full-time school and a partner who currently does not work due to losing his job at Comet when they went into administration and has struggled to find a job since.

Ok, so I am about £17,000 in debt and when i say I, I do mean ME....all in my name and not my partners!! It is not all my debt (mostly his purchases) but it is all in my name!!! I know, I know stupid....but I cant change it now.

Anyway I have got to the point where I have started to realise it is going to take me years to be able to get out of debt!!Now....I can pay my minimum payments every month but that is about all and that is not helping to get me out of the debt I am in.

I do not own my own house....I rent privately....I do not own any extravagant items. I just wondered is bankruptcy my best option? Or is there other options that I could possible go down?

Just really do not know what to do with myself right now......just want to be able to start again without all this debt hanging over me.

Thanks in advance x

gik

roxy86 wrote: »

Hello everyone.

So I was hoping for some advice on whether I should go bankrupt or not.

I may give a little too much info but feel it is best to give as much info as poss....I currently work as a trainee Accountant earning £16,200. I have 2 children (full-time school and a partner who currently does not work due to losing his job at Comet when they went into administration and has struggled to find a job since.

Ok, so I am about £17,000 in debt and when i say I, I do mean ME....all in my name and not my partners!! It is not all my debt (mostly his purchases) but it is all in my name!!! I know, I know stupid....but I cant change it now.

Anyway I have got to the point where I have started to realise it is going to take me years to be able to get out of debt!!Now....I can pay my minimum payments every month but that is about all and that is not helping to get me out of the debt I am in.

I do not own my own house....I rent privately....I do not own any extravagant items. I just wondered is bankruptcy my best option? Or is there other options that I could possible go down?

Just really do not know what to do with myself right now......just want to be able to start again without all this debt hanging over me.

Thanks in advance x

What benefits do you receive on top of the 16k? Will going bankrupt not affect your career in finance?

haras_nosirrah

If you still want to become an accountant then you will not be able to go bankrupt.

If you want to change career to one not in finance then it changes things

Talk to step change and explain about your job role to them as it is a big factor as to your options

thewhiteavenger

Another option would be a debt management plan. When you get below 15k the option of a DRO may open up, depending on the detail.

In your case the effect of any form of insolvency on your career is something that you need to look into.

MuddyFunster

Becoming Bankrupt will almost certainly stop you becoming chartered once you qualify.


If you can keep your head water at the moment I wouldn't consider making that decision during a crisis (your partner being out of work) - unemployment is now at pre-crash levels in the UK and whilst underemployment is still high and it varies from region to region but still Comet went under nearly 2 years ago.... even as bad as the recession was - 6 months unemployed is probably understandable - 2 years isn't I know what avenue I'd go down.

stator

You can always ask your creditors to consider freezing interest and coming up with a repayment plan yourself. If they feel you can still pay back the whole amount + interest they may not be sympathetic though. You might as well ask though.

alastairq

The alternative insolvency route for accountants is an IVA.

[your are insolvent!]

Ask again on the IVA board [at the top], and whilst you're at it, check out

http://debtcamel.co.uk/

Look at what is said about IVAs, etc?

ConsumerWizkid

What did your partner do whilst employed in Comet? Was his work extremely niche?