Wife Left, Business is Down, and I’m Out of Money. – James

“Dear Steve,

Ex left 5 years ago. I took on the house that is 70k upside down the 4 kids, the credit card debt , the tax debt, the parent plus loans, the counseling fees for the kids. @ the time my contracting business could handle all of this.The my work load was cut in half twice and I was laid off for months at a time 3 years in a row. I am out of money @ 58.

I would need @ least 117000 dollars to make things manageable, I have been to state free credit counseling and their assessment is I am loosing 1995 a month and can not pay back the money owed.

I have to pay back the taxes and the parent plus loans no matter what and I am barely making enough for food and shelter now. Is there any solution for this mess other than bankruptcy ?


Dear James,

Besides winning the lottery, no.

The good news is that depending on the age of the taxes, some of them may be dischargeable in bankruptcy. I’d suggest you click here and find a local bankruptcy attorney as quick as possible. You may also want to read How to Get Out of Debt. The Honest and Unvarnished Truth to help you understand the reality of getting out of debt today.

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


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.

Do you have a question you'd like to ask me for free? Go ahead and click here.
Damon Day - Pro Debt Coach

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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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