can i go bankrupt if i have a good income?

Question

I have a good income, but have been sued in unfair case resulting in me owing alot of money,can i still go bankrupt with a good income if i can afford to pay. Do not want to pay out of principle! Prefer to go bankrupt if i can.Even if they make me pay some afterwards, is it still possible to become a bankrupt with a good income? thanks

Answer 1

So... you would rather destroy your credit for the next 10 years as opposed to paying a settlement????


You're not very bright. Who are you punishing?

Answer 2

Your income doesn't determine your ability for bankruptcy... your debt does. Consider bankruptcy as a last resort but only a qualified attorney can truly tell you if it's worthwhile. There are some lawsuits that cannot be discharged in bankruptcy so you may end up paying it anyway. This is a legal question that cannot be answered without all of the facts. It's time for a free consultation with an attorney.

Answer 3

If a court in the UK has decided the rate at which you must repay the debt (for example by monthly instalments), as long as you keep up those payments you are okay. Bankruptcy has its drawbacks - your home can be sold, your savings can be taken, your good income won't escape attention, you cannot get further credit until you are declared solvent, it can affect your job opportunities. Maybe try to appeal against the unfair case decision?

Answer 4

you can file bankruptcy regardless of your income, but why would you want to ruin your good credit on principle?

With the new bankruptcy laws, this now stays on your permanent record for 10 years as opposed to the previous 7 years.

I'd see if you could raise some type of dispute regarding the charge either in small claims, better business bureau or the attorney general's office prior to crashing your credit.

Answer 5

Instead of claiming bankruptcy why not just file an appeal if you really don't feel you owe the money. Why would you screw up your credit for the next 10 years over something as stupid as that.

Answer 6

The court may not approve your bankruptcy. The laws are changed recently and bankruptcy is not a reasonable way of getting out of financial trouble. It's a last resort, and it sounds like you're not there yet.

Answer 7

I had to file for bankruptcy a couple years ago, and they considered my income. Also, keep in mind how bad your vredit will be because of filing. It's a big deal, especially if you ever want tro buy a house, need an emergency loan, or even want a credit card.

Answer 8

You can file for bankruptcy, but it's up to the courts do decide if they accept it, and how much (if anything) you will pay your debtors. Just remember, bankruptcy affects your credit for a minimum of 7 years.

B-Cool

Answer 9

I think you have to prove that your outgoings are more than your income, then you can but you have to pay a few hundred to become bankrupt, my mate did it.

Answer 10

Bankrupcy is when you cannot pay your debts. Not when you decide it is not fair.
You can file, but the court ultimately will decide what you have to pay. If you can afford it, you may have tp pay the whole thing before you are discharged.