Trudy wrote to me through the GetOutOfDebt.org site and asked the following question. 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.
Income from the GetOutOfDebt.org site advertising is used to help alleviate poverty. If you would like to help me to help others, there are easy and free things you can do, click here to learn how you can help.
“Dear Steve,
My son was diagnosed with Leukemia had bone marrow trasplant medical bills out the ying yang. I make my living as a Realtor but with no work and an economy that is shattered I lived off credit cards for two years so I could be full time caretaker to my son who is finally this fall gone back to school. Somehow I have to find money for college (single mum). I can’t pay anything anymore I am so down health and mentally at present time.
How bad is bankruptcy should I wait to file until my home is foreclosed what should I do?
Trudy”
The Answer:
Dear Trudy,
I am so sorry that you’ve had to live through this. It is easy to see how these events can impact you emotionally. The fear and worry for your son and the loss of self-esteem and fear with the inability to earn as you once did. Feeling of stress, depression and illness are typical at times like these.
Bankruptcy is neither good nor bad. It is emotionless. It is a legal tool one can use to remedy an impossible financial situation when no other options exist or are realistic.
If your home will be foreclosed on then you might as well just wait for that to happen so you can put the debt owed from that in the bankruptcy as well.
At this time, expecting that bankruptcy is in your future, I’d turn your attention towards finding a job, a new place to live and looking forward to a new and better future.
If money looks hard to find for college, maybe you might want to consider having your son contact the financial office at his college to see what loans he might be able to take out in his name. Just becuase he takes out the loan does not mean that you can’t make the payments to help.
It is probably the time now to start talking to a bankruptcy lawyer and plan for your upcoming bankruptcy. Click here for bankruptcy information.
