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How to hide bankruptcy from spouse?

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asked on Aug 29, 2014 at 13:24
by   richard
edited on May 14, 2016 at 07:07
 
I will become bankrupt very soon but that is the problem.

The problem is the stress it will cause to my wife and kids.

How to hide this problem from them to spare them stress as they would not be able to understand?
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answered on Aug 29, 2014 at 13:46
by   Bladerunner
edited May 14, 2016 at 07:17
 
How big is your problem? Why hide from your wife?

She shares your joys, she would continue to stand by your side at times of hardship... Together both of you only can minimise the impact on your children. Stand united as family and the impact of any problem would be very much reduced.
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answered on Aug 29, 2014 at 14:05
by   richard
edited May 14, 2016 at 07:18
 
@bladerunner

I read this posting in another thread

"My wife couldn't take all the stresses, became depressive and pass on..."
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answered on Aug 29, 2014 at 14:36
by   Bladerunner
edited May 14, 2016 at 07:26
 
@Richard

What had happened to me does not apply to others. Maybe I gave my deceased wife too good a life prior to my financial woes. She had an apartment to her name, a maid, homemaker, modest auto car and unlimited freedom. And when those have been taken away systematically, different people with differing attitudes reacts differently. My wife reacted negatively and sought refuge by maxing up her supplementary cards, it caused more straining of relationship and finances. As stresses built up, our body's defences drop, all sorts of illness snarl up. Some fatally.. But you cannot take mine as precedent, I share my story when someone presses me for more concrete explanation.

But what you would be sharing out soon, you would be able take precautions to lessen the impact. No hiding from wife.. she shares your life, for better or for worse! When you hide for her sake, next her friends will accuse you of hiding a mistress behind her back and the mistress is the main cause of your financial woes! Like a new friend of mine, faked his divorce to "save" his family, but it backfired, it turned real and permanent. Of course, there has been a "hidden" relationship breakdown behind scene which my friend did not realise. Ask him now, he would tell you that he would have done opposite. Sell condominium and cars and disappear to Thailand and live there...

We ask transparency from our politicians, practise this with our family too. They are the ones who can give the best support and gives us the motivation to live for, fight for and stand TALL, as what sifu 'vkpc' advocates.
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answered on Aug 29, 2014 at 15:36
by   vkpc
Open a Joint Account with your wife before bankruptcy and ask for a Debit Card.
Some bank's ATM cards are automatically Debit Cards.

This Joint Account and Debit Card will be your lifeline in bankruptcy as it will allow you to do small businesses, buy cars, accept cheques as payment and appear normal (financially) to your family.
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answered on Aug 29, 2014 at 15:50
by   roadrunner
edited May 14, 2016 at 07:30
 
@vkpc

Will joint accounts be safe from bankruptcy? Will having a bankrupt name in the joint account be frozen?
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answered on Aug 29, 2014 at 15:53
by   vkpc
edited May 14, 2016 at 07:30
 
Will joint accounts be safe from bankruptcy? Will having a bankrupt name in the joint account be frozen?
There is a 60% chance it will not be frozen.  Do not keep large amounts of money in the Joint Account.
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answered on Aug 29, 2014 at 15:53
by   bunker
edited May 14, 2016 at 07:35
 
@Richard

Face off. Bankruptcy will have pros and cons. What has led you to bankruptcy? I can feel your burden because of family issues ad stresses.
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answered on Aug 29, 2014 at 16:01
by   bladirunner
edited May 14, 2016 at 07:39
 
@Richard

You have debts with CIMB? Can apply debit card (DC) there.. It is also an ATM card.. I am blacklist but they let me open joint account 7 years ago.
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answered on Aug 29, 2014 at 16:05
by   richard
Thanks everybody, esp. to vkpc for invaluable advice.

I was in a hurry to look rich and bought expensive cars and properties.
Then my business slowed down and I could not pay the installments.

I want to save my family from the mental stress, it is not their fault.

What about overseas trips?  How to get around that?
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answered on Aug 29, 2014 at 16:15
by   vkpc
What about overseas trips? How to get around that?

When the kids want to go to Disneyland, suggest Legoland (Johor) instead.
Keep vacationing in Malaysia until your bankruptcy is over.
There are over 200 tourist spots in Malaysia, so you wont run out of places to visit.

If the kids insist to go Disneyland, ask the wife to bring them as you have too much work to do at the office.

When you have more money, buy a yacht...
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