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I’m Desperate, in Debt, and Thinking of Hanging Myself. – Evelyn

“Dear Steve,

I’m desperate, with about 75,000 on credit cards, two repos and about (on one the sold the truck and sent a bill for about 7,000 waiting on the second but I sure is going to be a lot more) 2576.66 for mortgage (taxes and insurance not including taxes and insurance) 4 kids (19,16,12 and 7) plus 26,000 on workers comp policy from a previous business (they are taking me to court) and finally about 100,000 yearly income combine what do I do.

You’ll probably recomend hanging myself which I’m seriusly considering but what would happen to my kids, help please!

Is banckrupcy my only way out?


Dear Evelyn,

Hanging yourself, blowing your brains out or any other form of suicide is completely unnecessary when it comes to money troubles and financial problems. There is no debt situation that can’t be overcome with a clear vision, action and a plan.

I was curious about your comment “is bankruptcy my only way out”, as if it’s a bad thing. Bankruptcy is a legally approved process to give people a fresh start when they are in situations where there is no reasonable expectation or ability to make ends meet. That sure sounds like your situation, doesn’t it.

Before you do anything else you need to click here and find a local bankruptcy attorney you like. Make an appointment and go talk to them, please.

What you will find is that bankruptcy will allow you to be on a reasonable repayment plan you can afford with your income and expenses or it will discharge your debt completely. It will stop all collections and block any lawsuits to collect debts included.

Evelyn, I don’t need you buying rope, I need for you to take specific and legal action to appropriately deal with your debts. That’s what you need to do for your kids, not kill yourself.

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.


  • I’m in the same exact mess as Evelyn. Only, I’m 64, disabled and unable to work, behind in my property taxes and no one to borrow the money from. I can’t live with this anguish any more, I can’t sleep at night and I figure at 64 how much time do I have left anyway. Anything, including death, sometimes seems better than this joyless life I’m living just because of the lack of money. And the people around me will be sad, but they will get over it.

    • Well it’s true it would end the situation for you, and your life, but why?

      It sounds like the property might not be sustainable but rather than end your life, start a new one by meeting with a local bankruptcy attorney and putting all this old debt behind you. I see hope where you see darkness.

      Please meet with a local bankruptcy attorney and report back here.

  • As a bankruptcy attorney, I’ve dealt with many situations far worse than this in terms of the debt load than this and my clients came through with all of their property. You are not alone in this, you just need good advice from a competent attorney. Bankruptcy is not as bad as you think, but you need to speak with a local attorney.
    .-= Carl Starrett´s last blog ..Should Christians File for Bankruptcy? =-.

  • I once thought people that committed suicide over debt were crazy!! But once the economy took a turn for the worse and ends no longer met, I understand how they feel. Not saying that I would do it, but I can’t lie and say it never crossed my mind. Sometimes the pressure of trying to keep up with the never ending bills is too much to deal with. There is no PLAN that would work for me other than bankruptcy! I have always lived within my means and maintained excellent credit. So there is nothing to cut back on! It’s impossible for me to save anything. I need to bring in more income which is unlikely right now. I’m in over my head at this point due to the housing crisis!

  • I offered various solutions to the debt problem that will work in combination. Of course, if the debt problem leads to a clinical depression, she should seek professional help from a physician and approach people she trusts for help and advice.

  • Are you serious?? Adults take responsibility, especially when children are involved. How can a parent even think of suicide (if indeed you are serious.). There is always a way out. You earn 100K. 1) Go on the famous rice&beans diet and start paying down your debt. 2) Negotiate with the credit card companies. Once you are several months behind, they will negotiate and often accept a settlement of less than half of what you owe. 3) Work an extra job and/or have your older children take on an after-school job. There is so much you can do. Good luck.

    • Sometimes people are just so far down and so depressed that the ability to develop a plan, carry it out and continue it are beyond what they can actually achieve. At the point someone has fallen so far that they are actually considering suicide I always feel that the rescue is the most important step, not further imprisonment in the situation.

      I understand what you are offering up for advice about the old nose to the grindstone approach but please understand, not everybody is able to do it when life becomes so overwhelming and desperate.

      The right solution for debt is the one that doesn’t just focus on one component but looks at the debt as part of a greater holistic solution.


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