Ask The Get Out of Debt Experts Divorce Relationships

I’m Getting Divorced and Can’t Afford My Bills. – Kate

“Dear Steve,

I am currently in the middle of getting divorced, and have about $23,000 in credit card debt and $30,000 in student loans. I currently can not afford all the debt payments as well as household expenses and my soon to be ex-husband is a stay at home dad who has been unable to find work. I had contacted Money Management International (MMI), but from what I have read so far I dont think a debt management plan would help me because I cant even afford my current payments.

I also make $57,000 a year so I dont think CT will let me file bankruptcy? Any advice would be greatly appreciated. Also, if I need to file for bankruptcy, to I have to wait until after the divorce? Thanks



Dear Kate,

If MMI steered you away from a debt management plan, they did you a great service. Your issue now is going to be how to adjust your new life to fit within your income.

With this change in your marital status your financial life is going to change drastically as well. Are you going to have to pay your ex-husband support? Are you now going to have to pay for daycare?

The student loans are a non-dischargeable priority debt. They will have to be paid.

From what you’ve shared it sounds like a Chapter 13 bankruptcy is an option worth pursuing. Under a Chapter 13 bankruptcy you will get protection from your creditors and a payment plan you can afford. You will not need to wait till the divorce is finalized to pursue this.

Click here to find a local bankruptcy attorney you like. Go talk to them now and come up with a game plan and timing to make sure it all unfolds in an orderly way.

Don’t feel bad, bankruptcy is often the conclusion of divorce situations when two people go their separate ways and their income and expenses radically change.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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