Gigi 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’m currently a student who is in debt and need to focus on school. I have a major debt due to caring for my little sister and now I barely make it for rent. I’ve contact all debt management institutions and they cannot help me. I don’t want to file for bankruptcy, what can i do?
Gigi”
The Answer:
Dear Gigi,
Thank you for taking care of your sister. I know the situation you are living through right now is stressful, and for that, I’m sorry.
Let me give you the two opposite points of view here and you tell me which is best for you.
Creditor Side: Gigi should quit school and work, work, work to repay us. It’s all well and good that she helped her sister but it’s not our fault. She should have not helped her sister and put us first to pay us back instead.
Consumer Side: Gigi should talk to a bankruptcy attorney and consider bankruptcy so she can move forward with her life. She has already explored debt management repayment plans and has found those not affordable as well. It is unfortunate that caring for her sister has landed her in this position but it certainly was not a planned event.
So, Gigi, what’s the right answer here?
