Should I Consider Bankruptcy or a Debt Management Program? – Andrea

“Dear Steve,

I have 3 credit cards totaling about $2200 that I am 2 months behind on. I have two personal loans totaling about $15,000, one I am current on the other I am a month behind on. I also have car payment, rent, light bill, cable bill, telephone bill, and medical bills. I was handling everything ok until my daughter became ill and needed surgery.

Following the surgery she had to have therapy and alot of other medically needed things. Medical bills have pretty much killed me financially. What money I had saved went to try to pay these medical nills so my paycheck would not be garnished. And on top of that my job cut my hours which cost me between $400 to $500 loss per month.

Should I consider Chapter 13 bankruptcy? Or a debt management program?


Dear Andrea,

I don’t know enough about your situation to give you an answer based on a numerical calculation but it does sounds like you are just getting by and who knows what your finances will look like after the income reduction.

I’d suggest you use the free How to Get Out of Debt Calculator to review your options.

It might just be, at this point, that considering bankruptcy might be more appropriate to allow you to meet your basic monthly expenses and be able to start to save and buildup your emergency fund again.

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


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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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