My husband took over our bills several years ago. During that time he became depressed. To make a long story short, he is now on depression medication and ready to deal with these problems and they are big. We owe about 80,000 including student loans. We refi the house 2 years ago and it didn’t include the taxes. Now we are also 2 years behind on our property taxes. I lost my job in June 2009 and haven’t been able to find work.
My husband makes good money but we are so far gone. Creditors are hounding us. We are not late on our home, car and utilities but can’t afford all the credit card bills, medical bills & Student loans. We have avoided talking with the creditors and since its been so long (8 months) they are selling our credit due to other companys who are now calling us. I started researching bankruptcy, chapter 13 but would rather not do that. Then I looked for credit counseling and who knows who to believe.
We have admitted we have serious debt issues and need help. We want to avoid chapter 13. How do we find a truthworthy credit counseling organization?
I’m so glad he’s now on medication for the depression. Depression is a serious cause and/or side-effect of financial problems. Once the depressed person seeks treatment for the depression it makes it soooo much easier to tackle the underlying debt issue. Without treatment the depression stands in the way of taking responsibility for the situation, coming up with a plan and implementing that plan.
I’d like to apologize in the delay in answering your question. I’m just backed up with questions. But hopefully I’ve caught you in time before you’ve leapt at a very costly solution for your debt problems.
My big concern is that you took Chapter 13 bankruptcy off the table to begin with. This is going to leave you with credit counseling and debt settlement as more likely options you’ll explore.
At this stage in the game with your delinquent debt you are more likely to be headed for a lawsuit by your creditors. At the very least the collection pressure will ebb and flow but will be stressful. Bankruptcy might seem like an extreme solution but it is the one with the best cost benefit ratio, gives you the most consumer protection, gives you a payment plan that your creditors must accept and allows you a true fresh start from the moment you file bankruptcy.
If you have not done so already, please click here to find a local bankruptcy attorney to talk to and before you jump in to what appears a magical solution, get yourself informed, please.