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My Husband My Lose His Job When We Go Bankrupt. – Angie

“Dear Steve,

Current debt is close to $100K, between cards and home equity loans. We have recently listed our home and hope it sells within the next 6 months. If it does, we should make enough to pay all debt.

If it doesn’t, we may have no other choice than bankruptcy, and in that case, due to having a company car and credit card, my husband will probably lose his job.

The balance is so high that we can’t pay the interest each month which has put us behind. We tried to work with the credit card companies but unless we are up to date, they won’t talk to us. But the longer we are unable to pay the min, the min goes up. It’s a never-ending cycle.

Is there any agency that will work with me to consolidate my debt at this point?

Angie”

The Answer

Dear Angie,

I’m confused. If your husband has a car and credit card provided to him by the company, how would your bankruptcy impact his job? Or does your husband work for his own company?

As far as consolidation goes with the size of your debt a consolidation loan from lendingClub.com probably would not work since the limit on those loans is $26,000. You could click here for credit counseling information and see if the interest rates can be lowered enough for it to make a meaningful difference. If you are behind this approach can bring you current again.

Otherwise, you can click here to find a local bankruptcy attorney and get a fresh start with your financial life.

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.

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About Steve Rhode

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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