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It’s Breaking My Heart My Wife and Kids Have to Live Through My Financial Problems. – Ivan

“Dear Steve,

A couple of years ago, I refinanced my home in order to buy investment properties. Needless to say, the rental properties did not cash out as expected due to the housing market. When renters were not able to be found, I used up my reserves and used credit cards to pay mortgages month after month, hoping I would be able to claw my way out of this hole. I have some renters now, but the rents do not cover the mortgage and other fees. Now, with my home and rental properties upside down, and $47k in credit card debt. I have just about given up. I do not know what to do.

Is bankruptcy or debt settlement my only option? If I go bankruptcy, can I stay in my home with ch.13? I going to talk with a bankruptcy attorney, but what kind of life can I expect to have afterwards. It is breaking my heart to think of what my kids and wife will have to go through because of my poor investment decisions.


Dear Ivan,

Bankruptcy will allow you to stay in your home and regroup. Click here to find a local bankruptcy attorney and go talk to them. In your situation debt settlement would offer you nothing.

I understand what it feels like to suffer with the pain and desperation of financial problems. I’ve been there myself. When you are deep in the middle of them it feels hopeless, so painful and overwhelming. But I wish someone would have told me then what I’m about to tell you. While the situation is unfortunate, it could be so much worse. Your family is healthy and loves you.

The money troubles suck, but no flood has washed away your kids, the house is not on fire and no drunk driver has collided with your wife while she was driving. The best thing you can do right now is to stop beating yourself up and put the situation into perspective and take action to deal with it. Going to meet the bankruptcy attorney is a great first step.

This situation gave you a punch to the gut. You can get back up and live a better life. Just take what you learned from this situation, don’t do that stuff again, and do better in the future. This may feel like the end of the world for you, but it’s not.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

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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