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I Don’t Even Know Where to Start. – Candice

“Dear Steve,

I really thank you for your help in advance. I don’t even know where to start. Like many who write, we are at the end of the road financially. Married and over $80,000 in credit card debt, we can’t keep up. I’m not even sure what’s the exact total as I stopped checking. About half of that is debt from a business (start up costs), but the cards are in my name as I started out as a sole proprietor. On top of that, we have 2 expensive condominiums. One that we live in and another that we rent out. Of course, we’re stuck with the rental because property values dropped and it will definitely be a loss if we were even fortunate enough to get it sold. However, a sale would be virtually impossible. And then, of course, we have massive student loans but out of everything, those bills are manageable.

I’ve lost my income because the business is no longer profitable. My husband has a stable job but it’s definitely not enough to cover our expenses. We have a unique situation because we expect that he will have a much higher paying job in 1.5 years that won’t be affected by the economy or anything. The only thing that could mess with that opportunity is if he had any health problems and couldn’t work.

Up to this point, I’ve always had great credit but of course it has declined as the debt has increased and also because the credit card companies have decreased the available credit, which affects my credit score. We’re not going to be able to make the minimum payments this month and I’m afraid of what’s next. What are our real options? I’ve never heard anything good about debt consolidation companies so I really don’t know where we go from here. I am starting to apply for jobs but who knows when I will ever get one?



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The Answer

Dear Candice,

Thank you for writing me.

I’m struck by what you said, you are at the end of the road financially. But that does not mean you are without options.

I see you as sitting in a car racing towards a T intersection.

I Dont Even Know Where to Start.   Candice

To the left you can turn and remain in collections and sink further into debt. To the right you can embark on a new road that leads to a better financial future, apparently known as Gundaroo.

The issue right now isn’t how to fix the past, it’s how to make the future better.

With your loss of income and the real estate situation it is probably not possible to correct the past financial problems.

So what do we do?

The most reasonable answer is for you to click here to find a local bankruptcy attorney. Go talk to them. You’ll probably be able to turn all the properties back to the bank, discharge your debt in months with a Chapter 7 bankruptcy and start over.

This isn’t the end of the road, just a time you have to take directions. It’s okay.

And let’s be real, if you stay on the current route you are on, how is the stress and pressure going to impact your health? The reality is you are more likely to suffer from depression and the health effects of the only growing financial stress.

You’ve got some choices. Now is the time to take action.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

I Dont Even Know Where to Start.   Candice
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Candice

    Thanks Steve. I really appreciate your response. Is bankruptcy really the best option? Is it reasonable for me to go bankrupt but not my husband? We’ve been holding on for as long as we can and if we could just hold on for another year, I think we will be fine. Is this really naive?

    • Steve Rhode


      At this point, talk to the attorney first before you do anything and get a specific legal opinion about your specific situation.

      Once you talk to the attorney, come back and fill me in with the comments field.


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