“Dear Steve,

I am a 73 year old senior. I work 5 days a week and receive social security. I have debts from way back when I was married and some more recent ones. I probably owe between 10 and $20,000. I cannot answer the phone and if I do I get harrassed. I am so stressed and I keep robbing peter to pay paul. I cant pay all of this with living expense so high. I am tired and stressed and would love to be able to quit working but I see no possible way. What should I do? Thank you,

Should I file chapter 7 or what other option do I have. Please helm me.

Patricia”

The Answer

Dear Patricia,

I think the place to start in evaluating your situation is to start with expectations. Is it a reasonable expectation to assume you can dig yourself out of this hole when it appears you don’t have enough income to make ends meet? Probably not.

Your ability to quit work depends on your ability to afford your life without your debt. But at the very least you can help to reduce your debt to a point where your life is more financially manageable.

Chapter 7 bankruptcy is a legal and available tool for people to consider when they need help. Before you make any judgments about bankruptcy I suggest you click here to find a local bankruptcy attorney and talk your situation over with them.

While I’ve told you what expectations are not possible, let me tell you one that is. It is a reasonable expectation that if you take action to address the debt that bankruptcy may eliminate a great deal of the day-to-day financial stress you feel. And that’s a good thing.

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.

Big Hug!

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