Should I Go With the Money Management International Program or Bankruptcy? – Tom

“Dear Steve,

Self employed. Lost 50% of income and owe $42,000 in credit card debt. MMI (Money Management International) says I qualify for their program and estimate a monthly payment of about $900. With business so unpredictable I am hesitant to start with them as the very first payment will be a stretch. Gut feeling is it will fail and why even get it started. My work is seasonal and I doubt I can pay in the slow times.

If I had a good feel about the economy I might give it a try but so far this year my first quarter sales is far from normal. 50% down from the better days.

Does it look like bankruptcy could be the best solution for this sitaution?

I’ve been getting calls from the creditors for about 6 weeks as I have stopped paying completely. Why give them empty promises?

Your response will be appreciated.

Thank you,


Dear Tom,

I think you’ve answered your own question.

Without any reasonable expectation that you can make the $900 monthly payment for the next five years you might quite possibly be setting off on a journey you can’t finish. In that case you’d wind up among the failure rate component of the debt management program.

It’s time to talk to a bankruptcy attorney. You can click here to find a local bankruptcy attorney and discuss your situation with them.

It’s just my opinion but with sales down and stress up it seems the last thing you need right now is trying to strain to make a monthly debt management plan payment that just isn’t doable in your mind.

Please update me on your progress by Damon Day - Pro Debt Coach

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