You’ve Been With Me on Many Sleepless Nights. – Colleen

“Hi Steve,

I have $100,00 in credit card debt. I am an independent travel consultant and due to the economy my business is at 0. My monthly expenses are around $2000 per month this includes the credit card payments. My husband deals with the rest, such as mortage, food, etc. I am not late yet on credit cards but this will soon be the case.

I own a house with my Mom and we are tenants in common. She will not refinance or let me take out a home equity loan. I read your book online and I have come to the acceptance phase, but I am so scarred especially that our house will be taken away. It is our only home and the payments are quite low, so it does not make sense to sell. There is quite a bit of equity in the house.

I was feeling so low and depressed until I read your book; I am out everyday looking for a job, but so far no luck.

What can the credit card companies do when you are tennants in common and have a lot of equity in the home? All the debts with the exception of the car are unsecured loans. I am not opposed to bank ruptcy at this point (something I thought I would never say in my life)however, I want to protect the home for my family and Mother.

Thanks Steve, you have been with me on many sleepless nights.


Dear Colleen,

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

It’s quite a complement to know I’ve been with you on many sleepless nights. Glad my book could help.

I think we need to begin with “it is what it is.” The solution here is ultimately going to come from income of some sort so your focus needs to be on that. I know when I was down and out I managed to find some of the worlds worst temp jobs. I hated them but they were income. Make sure you register with all the temp companies in town.

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At the same time I think the time has come for you to click here to find a local bankruptcy attorney you like. You really should make a free appointment and go in and discuss your situation. There is much to consider regarding the property and it will involve the state the property is in, how long you’ve owned the property, etc.

The reason I feel bankruptcy will be involved here is because I doubt you are going to be able to find yourself back in a position where you can repay $100,000 of credit card debt plus interest. It would be unreasonable to assume you could.

Find a local bankruptcy attorney and then report back and tell me what he or she says by posting an update in the comments.

Trust me, this will come to an end, you will have a chance at a fresh start and life will get better. If you look at this as what it is, a process to deal with the debt you will be less stressed than if you assume this is about a personal failure which its not.

Damon Day - Pro Debt Coach

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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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