Please help me, I really dont know what to do.

[clairew]

I dont know what to do, I owe approximately 25k, 19k to my bank in a loan and the rest on credit cards. I am just about to split up with my partner and that leaves me unable to pay my debts. I dont earn a particularly high income and I live in rented accomodation. I am seriously considering bankruptcy. I have considered and IVA but to be honest I wouldnt be able to afford the repayments. Once I have paid rent and bills I am left with very little as it is. I know there is a huge stigma attached to bankruptcy but I am not personally too worried about that.

The biggest problem I have is that I am terrified of losing my job. I have just started working for a firm of solicitors as a legal secretary and they have promised me a fantastic career and I really dont want to throw that away. Is there anyway that my employers wouldnt find out about the bankruptcy should I go through with it? I dont know what else to do, I am in a terrible relationship that I have been staying in because of the the financial mess I am in but now I cant take anymore. I really want to put and end to all this worry and stress. I am 25 so I have plenty of time to build my credit rating up again and I think it would do me some good not to be able to get credit. Also, my debt has built up over the last 2 years at an alarming rate but the money hasnt been spent on anything substantial, just the cost of living (beyond our means) and me not being able to control the credit cards.

Now I know I have no one to blame but myself but I really dont know what to do. I just want to go bankrupt and get it all over with but I really really dont want to lose my job. I am on a 3 month probation at the moment. I have tried to look for information on this in the company manual but I cant find anything and I dont want to ask anyone because I dont want to give them reason to fire me now. Please help me, I really dont know what to do.

[MelanieGiles]

Hi Claire

You seem to have made a very mature decision about your future and should be commended about owning up to your difficulties when you are having such a rotten time in your personal relationship.

Unless your employer has a specific policy about legal secretaries being made bankrupt (very doubtful) then your job should be safe. Keep quiet about the whole thing - you are not obliged to tell anyone in the company about your situation, and it is very unlikely that they will see the (very small) bankruptcy advertisement in the local paper.

If they do, be proud to tell them that you have owned up to your responsibilities and wish to make a fresh start.

Good luck with everything.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[neverending]

I totally agree,bankruptcy on the info that you provide would be your best solution and the "stigma" attatched to bankruptcy is no longer there.
You have been given good advice from Melanie,use it and you will be on your way to a much brighter future.
Good Luck