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Home > Ask The Get Out of Debt Experts > My wife is in the Navy reserve. Where do we start with such a heavy debt load? – Mike

My wife is in the Navy reserve. Where do we start with such a heavy debt load? – Mike

My wife and I together make a six digit salary, but we have way over extended ourselves.

We have 1500.00 house payments (this includes ins., taxes), 500.00 car payments of which we owe 20,000 on a car worth 18k, 350.00 a month motorcycle payment on a bike worth more than we can sell it for, plus school loans and credit card debt that amount to over $1200.00 a month.

We are not making it and our credit is terrible and I have used up all my options on borrowing from our 401k. My wife is in the Navy reserve and filing bankruptcy
is not an option. We both are 50 years old and just sick of being in debt. Please help us and give us some advise.

Mike

My wife is in the Navy reserve. Where do we start with such a heavy debt load? - Mike by

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  • http://GetOutOfDebt.org Steve Rhode

    Mike,

    You can use the free How to Get Out of Debt Calculator to review your options.

    But before you make any assumptions about the military and bankruptcy you should examine that issue more fully. Other branches of the military see bankruptcy as a positive step forward to addressing otherwise overwhelming debt which creates a greater security risk. Bankruptcy remains a legal and court sanctioned way to get a fresh start.

    Take a look at the answer to this previous question.

    Steve

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