Got an Answer?
Yes I did. My husband and I separated. He burned our house down to punish me for leaving him. Because the house was owned and insured jointly, there was no insurance payout. The house was unrepairable. The bank refused to even hold my mortgage repayments, since I was still working I didn't qualify for financial hardship. In the end I had no choice because I couldn't even make any decisions about the property without having to consult my ex husband. Who was in prison for arson. Such a ridiculous situation now I look back on it. Anyway, after exploring every option bankruptcy was pretty much the only choice. I kept my car, didn't have any other assets. It's a pain in the arse to report your finances to them every year but apart from that it didn't affect me. My borrowing capacity is fu***d as a single mum anyway so it really hasn't had an impact in the grand scheme of things. I don't feel bad about it, it is what it is.
There are many services available to help people NOT take the easy way out and declare bankruptcy. Consider all the people this would impact - individuals and businesses and the effect being owed money has on families. Through no fault of their own, they themselves could be plunged into desperation and depression. All because you couldn't manage your own finances. Think about someone other than yourself.
Put yourself in the position of being so far in debt that you consider taking your own life. I think losing money over a life is a better option.
Not everyone that goes bankrupt has poor finance management. Given the lack of job security these days and the pressure of rising living costs there are many factors that could impact.
Open your mind to the fact that it is not an easy thing to do and thank the good Lord you hav been lucky enough to not be unlucky in life.
OP here. It's not a small debt we can simply just try to pay off. We bought a franchise that has simply been nothing but a lemon. We have been drowning in stress and money worries for years. We make no money personally what so ever and have been forced to live with family for three years now. We have a massive BAS debt and sadly a massive super debt we have tried everything we can to turn it around but it just won't happen and will need to close (yes it's up for sale) if we were to close tomorrow the only thing that we could pay is the staff super and them there would be nothing left for all of the loan and the franchise fee as well as suppliers. We have done everything we possibly can, from paying with our own money (nothing left now) to cutting wage costs (husband and I work for literally nothing) to reducing cost were we can. It's not a decision we are facing without thought. We cant keep working for free we can't keep living with family (it's not fair on them) we can't work anywhere else as then we wouldn't be able to pay the staff wages (to cover the work we do) it would be nice to be able to contribute to society and work and no I don't dole bludge we manage to scrape by on parenting payment A and B. I cried in the corner of my local community museum when I realised we entered without paying when I thought it was free and had to dig through my sons money to pay the $5. So no I don't think we would be taking the EASY way out.
We had our own business and filed for bankruptcy a few years ago due to clients not paying. I could write a book filled with the ridiculous excuses people used. We lost everything trying to keep our business.
Yes, once. I felt horrible for having to do so but my debt was 15k.
Nope but it's been about six and a half years since an 11k debt....(through commonwealth bank before anyone says the poor business, they would have claimed it back that first year on insurance and put it under bad debts)
How much is the debt and you can't borrow money for 7 years
My step dad did, twice. I was very close once. But I saw a financial advisor and dug myself out. It was a very stressful time. So glad I didn't file bankruptcy.
I'm thinking about it...