Question:
Dear Steve,
I am a 60 year old divorced male-living on social security disability-children are grown and on their own- lost 50% of life savings waiting between heart attack on 3/1/2015 and disability starting in 9/18/2015. Just started medicare this month and paying for doctor’s visits, prescriptions and blood work-medicare is 134 monthly withdrawal for me.
I realize it’s not a whole lot to sum- but is for me who is pinching pennies to live and eat-but I have 7800 in credit card debt -payments are 215/month-need to find some way to lower my payments every month so I can pay bills and buy food..
Thanks.
Chris
Answer:
Dear Chris,
Your two primary options are going to be to close the door on the debt by filing bankruptcy and stopping all collections or defaulting on the debt and then fending off the collections and potential lawsuits.
I would suspect some or all of the debt was incurred to help make ends meet. And if you can get by now without having to use the cards then the safest way forward is to eliminate or ignore the debt.
You must prioritize your obligations and medical care, medications, food, shelter, heat, clothing, etc. come before credit card payments.
Your inability to make credit card payments is not a reflection of you but of the situation created by life altering changes. You are not your debt.
Our priority is a lot less on what anyone might think about you for filing bankruptcy and the reality your life situation has already caused you to lose 50% of your life savings. It is imperative that we get you in a financially safe position for the future.
Now, some may argue with me that paying to file bankruptcy is not a reasonable expense. But I can assure you it is a lot less expensive on you, your heart, and your life, to legally close the door quickly on the debt you simply can’t afford than deal with the stress of dealing with unhappy collectors and legal threats.
The last thing we need here is you dying from another heart attack over debt stress.
I think you should read, “So You Are Going to File Bankruptcy. That’s Good News. Congratulations.” It will help you to understand that within 90 days you can have this problem debt behind you and then concentrate on staying well and afford to live a sustainable life.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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Chris,
There are many patient assistance programs where the drug companies will provide your prescriptions at no cost to you. One site you might check out is needymeds.org, find your meds on their list and it will take you to the drug companies website where they list their qualifications. If you are in their window, download their paperwork, fill your part out and give it to your Doctor who will complete it and they will send your meds to your Doctor every three months. You have to reapply every year. It is worth all the legwork it takes.
Question posted.