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School Tuition

School Tuition (7)

I have been advised to go bankrupt and am concerned over my children's school tuition.  I have to pay this as they have been enrolled in this school for years now and I don't want to move them.  The expense is worth it to myself and my wife.  Will we be allowed to continue to pay our children's tuition if bankrupt?
Monday, 11 February 2013 15:26

Can I Keep My Children In Private School If Bankrupt?

Written by Jon

Total debts: 50K

 

Income: £3500 a month

 

Expenses: £2900 a month

 

been advised to go bankrupt but am worried about my property and some of my monthly expenses.  I have my children in private schools and want to keep them there.

 

 

What will happen to their schooling if I go bankrupt?

Wednesday, 08 June 2011 13:40

Can I Continue To Go To School If Bankrupt?

Written by Jon
I have unpaid tax debt going back a few years and am planning to make myself bankrupt. I am currently studying an undergraduate degree part-time which I am funding myself (i.e. not via loan from student loans company or bank). Will the ongoing tuition fees for my studies be allowable under my living expenses by the OR or will I have to suspend my studies until I am discharged?

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If you have a serious debt problem, bankruptcy can free you from your debts within 12 months. As a solution for dealing with serious debt, bankruptcy is a last resort. Other debt solutions need to be explored first, to help determine if bankruptcy is the right debt solution for you.

 

Your financial affairs are put into the hands of an Official Receiver or Trustee, who will control all your assets - and if you own a property, this will also be included. These will be sold and the money used to pay as much as possible to your creditors.

 

There are consequences to bankruptcy which will affect your finances and work life. You may struggle to borrow money, for example, and will not be able to apply for certain jobs.

 

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