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We’ve Lost Three Parents and Had Eight Deaths in Three Years. – B4lee

“Dear Steve,

Since 2007, we have had the time of “Job”. From 2007 to Present we have lost, most, just one month apart, 8 deaths, including 3 parents. In the process the stress caused medical and marital consequences to our family. Recession took hold and I became a displaced worker. Miraculously, my spouse, (out of the woods, yet not out of the forest) Workers Investment Act is funding my retraining in the nursing field (LVN).We have two dep. 18 & 20 in school. We use to have an 800 fico, with excellent pmt history. I tried to get on to the Obama Housing Plan, after paying for 4 mos, Underwriting informed me we did not qualify due to insuff income. We have been sent back to Loss Mit for another program, yet thru collections a default was recorded 8/11/10.

I have 2 unsecured personal loans, under my name I took out for medical fees for my mother. They total approx $24k. I tried to settle with the 2 USBank & Citibank $.10 on the dollar, this is all I had, but no avail. I explained to them I have no job and I’m in school etc, etc. My Mortgage Bank has filed 1st default 8/10. Yet the bank states if I get a sale date, to call them for me to notify them so they can post pone it???? No equity, belly up $325K owed, house valued at $175-180K. My husband does not make enough…I do not know what to do…I do not know which BK lawyer to trust, I do not know if we should go to a BK lawyer. I no longer take 800# calls- Stressed with school, and grief! Nursing is a grueling program I hardly sleep.

B4lee”

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The Answer

Dear B4lee,

Yes, it truly sounds like bankruptcy is the route to examine.

The reason bankruptcy sounds so logical is because it seems like with all your loss and travels downwards, now is the time to do what must be done in order to regroup and embark on a path that gives you a real chance at making tomorrow better than yesterday. Bankruptcy can do that.

Bankruptcy will allow you to close the door on the debt you can’t pay and if you are upside down in the house you could even hand the house back to the bank and be able to move on without the worry the bank will go after you for the balance due on the mortgage.

While the thought of going bankrupt may feel extra stressful at the moment, I’m confident that once you examine what it would mean for you and the protections it will offer you, it could be a true blessing at creating a safer financial future. And no worries on the credit score impact. You can easily rebuild your credit score again.

You can click here to find a local bankruptcy attorney and if you’d like a second opinion about your situation or a personal consultation by another debt coach, please feel free to contact Damon Day.

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!

Weve Lost Three Parents and Had Eight Deaths in Three Years.   B4lee
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We've Lost Three Parents and Had Eight Deaths in Three Years. - B4lee by

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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.
  • Steve Rhode

    Rather than being afraid, let’s deal with reality. Find a local bankruptcy attorney and go talk to them. You can go and get answers without filing bankruptcy and clarity is what you need right now, not making decisions based on assumptions.

    It’s time to get up off your knees and take action to change the situation. if you don’t you can expect tomorrow to look a lot like yesterday.

    Steve

  • b4lee

    I took out the USbank and Citibank in my own name. Should I declare BK on my own? the house is on my Husb and My Name….. is this a reason to claim BK together?

    He has a car he takes to work. I have a car I use to go to school. My son has a car to go to college, all opposite directions. Will they take the cars away? (we do not owe on them). We have a trailer, we had tried to sell, but kept it, just in case we get evicted, will they take this away?

    This is another reason I’m afraid to file BK….

    My husb is paying on an 15k to 18K sallie mae student loan, Kaplan School taught him “nada” in 2wks, but he is faithfully paying $200/mo for something he will never be able to exert without spending much more $$$ and time…this was very deceptive…un able to deal with that situation…just to much going on.

    Anyhow, thanks for your compassion…it’s only by the grace of God, I haven’t fallen apart….I live on my knees!

  • b4lee

    I took out the USbank and Citibank in my own name. Should I declare BK on my own? the house is on my Husb and My Name….. is this a reason to claim BK together?

    He has a car he takes to work. I have a car I use to go to school. My son has a car to go to college, all opposite directions. Will they take the cars away? (we do not owe on them). We have a trailer, we had tried to sell, but kept it, just in case we get evicted, will they take this away?

    This is another reason I’m afraid to file BK….

    My husb is paying on an 15k to 18K sallie mae student loan, Kaplan School taught him “nada” in 2wks, but he is faithfully paying $200/mo for something he will never be able to exert without spending much more $$$ and time…this was very deceptive…un able to deal with that situation…just to much going on.

    Anyhow, thanks for your compassion…it’s only by the grace of God, I haven’t fallen apart….I live on my knees!

    • http://GetOutOfDebt.org Steve Rhode

      Rather than being afraid, let’s deal with reality. Find a local bankruptcy attorney and go talk to them. You can go and get answers without filing bankruptcy and clarity is what you need right now, not making decisions based on assumptions.

      It’s time to get up off your knees and take action to change the situation. if you don’t you can expect tomorrow to look a lot like yesterday.

      Steve

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