For nearly two years both my wife and I were out of work at the same time. I worked in high tech industries until my employer wanted to move me out of state and I couldn’t do it. My wife lost her job when her company dropped most employees due to the economy. I am 59 years old and no technical employers will even give me the time of day. My wife found full time work few months ago. I am selling products online to bring in some money.
During the time we were both out of work we managed to maintain our credit accounts. We later negotiated “hardship” rates. Now that the hardship rates are ending, even with my wife’s salary and my online sales, the credit is just too much to keep up and we are backsliding. Action needs to be taken now.
From what I am reading, debt solutions such as consolidation, counseling and bankruptcy all yield the same thing: bad credit. If that is the case. Why should we pay the accounts at all if all roads lead to bad credit? We are so tired of trying to keep the cards in good standing that we just don’t care about credit reports any more. Our health is more important. What happens if we just walk away and never make another payment? What recourse do unsecured credit cards really have?
If your health is the most important consideration moving forward then bankruptcy seems like the logical approach. Otherwise you are going to be stressed and possibly develop depression from the continued collections activity and possible lawsuits.
it is quite possible you can’t afford to service your debt but walking away and hoping that it vanishes is a very incomplete solutions. With bankruptcy you can legally close the door on the debt, block collection activity, stop any lawsuits and have no tax consequences from the discharged debt.
And you don’t need to worry about your credit being bad for the rest of your life. It can be easily rebuilt. Just follow this guide.
Before you elect to do nothing, please do something and click on this link to find a local bankruptcy attorney.
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.