Janet 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.
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“Dear Steve,
I am 66 married hubby is 55 & on disability – I have been fighting depression all my life – I work part time but hours are being cut – company may go under – no jobs out there for the elderly – we are 105000.00 in debt of cc & loan- can’t pay them anymore – tried calling the cc & loan for a better repayment plan they were no help – seeing a lawyer about bankruptcy – I am getting calls fron a 800 # but when I answer no one is there so I hang up – I presume it is from the loan company – why can’t they just be on the other end – I will answer even though it does no good.
I am paying some of these bills even though it is a hardship should I just quit paying them all? Also should I tell them when they do call that I will be filing for bankruptcy?
I love your site & thank you for being such a caring person in this time of need
Janet”
The Answer:
Dear Janet,
Honestly, it sounds like bankruptcy is the route that is best for your situation. If you have not already met with a local bankruptcy attorney, click here for a free bankruptcy consultation.
Since bankruptcy is in your near future, and if you agree that it is, yes, stop making any further payments to your credit card companies. You’ll have to discuss stopping any additional payments with your bankruptcy attorney since I don’t know what else you are paying.
If the collection pressure is too much for you, then you might want to read How to Hide From Debt Collection, the Debt Collector, and Creditors and follow that advice while you get things sorted out.
I feel strongly that you need to move ahead with your bankruptcy as quickly as possible for several reasons. You’re right, you’re age does not make it easier to find a job, additional payments are not going to dig you out of this hole, and your history of depression only makes it harder to take action.
Depression and debt go hand in hand. I’m not sure which comes first but I do know that untreated depression only makes life with debt, so much worse and harder than it has to be. Please make sure you are seeking help for your depression. Between that and your bankruptcy you will be able to love a beautiful sunrise again and fill your life with hope, rather than despair.
