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My Husband Has a Big Pay Cut and Now We Are Having Problems Making Ends Meet. – Beth

“Dear Steve,

My husband and I are having difficulty making ends meet due to my husband taking a cut in pay and losing a huge amount of overtime which had been a part of his job before. We have a mortgage and about $40K in debt between credit cards and my car. Luckily we own his car. Without my car I can’t get to work and frankly my paycheck is the larger of the two so I do need to keep my boss happy. The car is about $10K of that debt. Our home is a duplex and our disabled relatives are living next door but cannot contribute much, which is a drain on us but we can’ t really do anything about that.

Is it possible to declare bankruptcy and not lose our home or my car?

Beth”

The Answer

Dear Beth,

It is possible to keep your home and car in bankruptcy but a lot of that is dependent on what state you live in. I would encourage you to find a local bankruptcy attorney and go talk to them. If you don’t like them for some reason find another one.

You can click here to find a local bankruptcy attorney and if you’d like a second opinion about your situation or a personal consultation by another debt coach, please feel free to contact Damon Day.

After looking at the budget you sent in I suspect things are tighter than it indicates. Budgets are typically not much more than a wish list or a page of lies and what people genrally miss is the cash that drains out for all the little things.

I did notice your budget did not make an allowance for either saving money for emergencies or some fun so it is fairly likely the budget planned is not going to be sustainable. I suspect what has been happening is you’ve had to put regular expenses on credit cards to help make ends meet. That’s increased the balances.

You may want to take a look at your Verizon bills and give them a call to see if there is a more inclusive package available. Combined you are spending $335 a month for Verizon services. But even if they do it’s not going to make a big enough difference to pull you back from bankruptcy.

Please post your responses and follow-up messages to me on this in the comments section below.

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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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