I have been enrolled in a debt management program before with Clearpoint. I didn’t see where any real progress was being made and I also was at the point I could not make those payments after paying all my living expenses. I have cut back and we are living with the bare minimums. Our credit has sufferred, we are doing a short sale on our home and living in a rental townhome now… I have around $30,000 in credit card debt. I am behind in my payments and feel like I’m drowning…
What are my options to get out of debt? Should I attempt to consolidate? I cannot do a home equity as we have attempted to sell our home thru the short sale process (already have a question in on that subject). How bad would bankruptcy hurt me and my family. The credit card debt is all in my name… My husband is a stay at home daddy because we can’t afford a babysitter and any job he could get would only pay for his gas so we would still be in the hole….
It seems like we need to just step back for a minute and revaluate the entire situation. Actually this has nothing to do with Clearpoint per se but if a debt repayment plan makes any sense at all.
Based on your situation, even if you embarked on another repayment effort you are most likely going to be limping along just like you are now. And where does that leave you?
Let’s say you are going to be on a five year repayment plan but in the meantime you can’t afford to save or grow your emergency fund. If any financial surprise comes up during those five years, what are you going to do?
It’s time for you to answer the following question:
Do you have a greater responsibility to spend five years trying to repair the past or to spend the next five years fixing your financial future?
Before you make any definitive choice about how you want to tackle your debt, I think you should first investigate what the legal fresh start of bankruptcy would mean for you.
You can click here to find a local bankruptcy attorney. And if you just don’t “click” with the attorney, find a different one. They are there to assist you so make sure you at least like the attorney.
Go and talk to the attorney and find out specifically what bankruptcy would mean for you and your family. After you meet with the attorney, come back here and update me in the comments. Let’s talk about what you learned.
Before you go, I think this past article would be helpful, The Honest and Unvarnished Truth About How to Get Out of Debt.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
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