Salesman drawing $2k/mo – spouse $3k/mo; no commission. $1600 mortg, secured debt $220k+ (with house, car, furniture); $65k+ unsecured debt (loans, cc) $120k school loans – in deferment. Need to go back to school, but getting judgments placed for credit cards. Feel I’m too far gone to handle this alone.
First off, can you afford to go back to school? You already have $120,000 in student loans you are not paying on that are increasing due to building interest.
Of the options you mentioned, bankruptcy is the only logical solution since the others would require monthly payments you already can’t afford.
Click here to find a local bankruptcy attorney but when you talk to them you are going to need to come clean with the attorney about your total financial situation. The attorney may want to delay the bankruptcy until you go back to school.
But when you do go back to school, how are you going to make ends meet at home? What’s the plan?