Has anyone ever declared bankruptcy and come out the otherside??
Thanks to an Ex I am swimming in major debt that just keeps getting worst from interest and nothing I do is fixing it... I'm paying all I can afford off these debts but the Ex made sure everything was in my name so now I'm stuck with it all even though I have been a SAHM for almost 6yrs at his request because he was the income earner and was paying for everything! Or so he told me!!
I just dont know what to do anymore! I have been trying to get ahead for my kids and I but there is always something else stopping me and I think my last choice is declaring bankruptcy so it's not hanging over my head and we dont end up homeless.
Also just to add I have tried getting a job but am currently pregnant and no one wants to hire a pregnant women who will have to leave in a few months anyway....
Please no nasty comments I am beating myself up enough about the whole situation as it is and can't handle anyone else doing it too.
2 Replies
Have you spoken to a financial counsellor? Centrelink, the salvos etc have financial counsellors. They are free and they can go through your situation and see what your options are.
Hey there. Sorry to hear you're doing it so tough, you have a lot on your plate.
I work in insolvency and help people like you every day to understand your options, the effect of each and which option best suits them.
I know bankruptcy has a stigma attached to it, and it can cause issues or inconvenience for some people, while for others it brings nothing but relief. It is the best option for some people. No one except your creditors will know about it, it brings immediate relief from your debts and allows you a fresh slate - and depending on your level of assets and income it may not cost you a cent. Additionally,if approved, proposed law before parliament will reduce bankruptcy from 3 to 1 year.
The key to help your decision-making is whether you're in control and need help reducing your debts, or whether your debts are out of control and you need to look at more serious options to bring relief. It sounds like the latter applies in which case I consider your options include talking to your bank about hardship assistance through a debt waiver, consider whether to just not pay in which case the debts become statute barred after 6 years, a debt agreement, informal settlements with each creditor for c/$ or bankruptcy. Next is how much bankruptcy may cost in terms of inconvenience, impact on you, assets you might lose and whether you would earn enough to pay income contributions. Once you know the financial cost of bankruptcy, you can compare it to the cost of the alternatives to avoid it. If you're concerned about getting finance in future, there are financiers that can assist right after exiting bankruptcy. My thoughts are if you could save money through bankruptcy that could be later used for a deposit, that may be better than trying to meet your debts to keep your credit record intact.
The suggestion below to talk to a financial counsellor is a good one. And while I am in no way trying to promote what I do, if you'd like further information or to discuss further with me as a professional in the space, you can get in touch through the live chat window on the site below.
Rest assured there is relief available to you.
Jarvis
http://www.cactusconsulting.com.au/