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I’m So Afraid, Scared, and Ashamed About Bankruptcy. – Jack

“Dear Steve,

I’m 75K in credit card debt. My take home pay is 3136 a month. My monthly expenses plus credit card bills equals 3172. I have $900 in savings. This doesn’t include my $5100 tax bill due in 6 months or groceries. I’ve been barely able to make ends meet and I put groceries on my cc. Now I am completely maxed!

I don’t want to lose my home or my car. I have a good credit fico score in the 700′s. I need to do what is best for my family. Should I claim bancruptcy? What are the options? I called an attorney a couple years ago and because there were no missed payments, I was told that it was not necessary. Everything is payed on time at the minumum amount. I cannot even afford to purchase my children clothing. I’m stressed, I can never go out with friends to eat or anything that involves money. I really wanted to be able to handle this on my own. I don’t want anyone knowing this secret I’m holding in.

Thank you for your time

Jack”

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The Answer

Dear Jack,

The attorney you talk to was apparently an idiot. You can click here to find a local bankruptcy attorney and talk to them for free.

I get the shame and secret thing. But the stress and fear of dealing with this situation are only robbing you of a better life.

I think my video below will strike a cord with what you are currently going through.

It’s too early to know for certain if bankruptcy is the best option for you but it sure sounds like it. Rather than live in fear and hide from the reality of your situation you should embrace it and own it.

Just like me, your financial failure will turn out to be your greatest strength moving forward. It’s a great life altering experience that can help to change the rest of your life if you learn from the mistakes. And as I always say, there is no sense wasting a perfectly good mistake.

What I do know for certain from what you’ve shared is that the current path you are on is unsustainable. The numbers just don’t add up. You don’t have enough of a financial safety net or emergency fund. You are racing hard towards a solid wall.

Your fear of your situation is rooted in emotional assumptions and not reality. It’s time to stop being afraid, get the facts, and deal with your situation head on.

I implore you to read There is Life After Debt and It’s Awesome.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Im So Afraid, Scared, and Ashamed About Bankruptcy.   Jack
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If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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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.

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