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Bills Are Paid But Seriously Struggling to Stay Afloat. – Kelly

“Dear Damon,

25 years of marriage, lots of really bad financial decisions. We are seriously struggling, barely staying afloat. At this current time all our bills are paid up to date. Son is in college, daughter will be a junior in high school. We owe more on our house and 1 vehicle than they are worth.

The attorney we met with suggested filing Chapter 7, and he said we “should’ able to stay in our home for at least a year.(right at the beginning of our daughters senior year). Not sure if this is the route we should take or if there are any alternatives?

Especially since we have made so many bad decisions in the past, wondering if this would be one also in the future, plus I am no so excited about a forclosure notice being posted in our small town paper.

Kelly”

Hello Kelly,

It is clear that things are going to need to change and you need to turn your finances around. Struggling and barely getting by is no way to live. Is bankruptcy the right answer? I don’t know enough about your situation to tell you.

What I can tell you is that bankruptcy will give you a fresh start and a chance to get out from under the daily burdens that you are feeling right now. I understand having to let the house go can be tough on the kids, but so is barely getting by and your daughter not having the ability to participate in many of the things her friends are doing. Perhaps you can rent a home in the same area so your daughter can finish school at the same place.

If you would like to explore some additional options please contact me through my website and I can take a much more in depth look at your overall financial situation and tell you specifically what you can do. Perhaps there is an alternative that will work better for you than a bankruptcy, or I might confirm that a chapter 7 is the best, can help you with some strategic timing issues and at minimum give you the conviction of knowing that the decision you are making is the best path forward and out of your current struggles.

Damon is a talented independent debt coach that provides in-depth assistance and consultations for people struggling with debt. If you want a personal debt coach to help you through a difficult situation or want assistance to find secret discounts offered by debt settlement companies I think Damon Day is an excellent person to contact for advice and assistance. He can be reached directly at DamonDay.com

If you have a debt related question you’d like to ask, just use the online form.

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About the author

Damon Day

Damon Day is a talented Debt Coach who offers fee based consultations to consumers as an alternative to the typical free debt relief consultations which are nothing more than thinly veiled sales pitches lacking any real information to help a consumer make a good decision. You can learn more about how he can protect you from getting ripped off at DamonDay.com

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