My daughter has been going to a private school for the past 3 years. (she is now in 1st grade). The tuition has jumped up this year by a factor of 2. My wife signed the agreement last January to enroll her in School for this year, unaware apparently that we we committed in full to this contract.
My Financial situation has changed considerably in the last 4 months, and with the added obstical of the current economic conditions in general I can no longer afford to send my child to this school. It is to the point that our savings are essentially gone, and this payment puts our monthly expenses over our monthly income.
The school will not let us out of the contract, and they will sue us if we breach. I told them that the may have a little girl in their classroom that needs to live in her Fathers car at night if this is the only option. they seem not to be swayed.
Is there ANYTHING I could do to get out of this agreement? The school will go on without our full payment, but our family very well may not.
I realize we signed a binding agreement. And under the circumstance at the time of signing it, we could have afforded the school. My income has since dropped by 40%.
2 questions:
1. If sued, will the judge grant the school the full amount, or look into my finances and see what I have the ability to pay??
and
2. Should I consider personal Bankruptcy, and would this protect me from this payment?
