“Dear Steve,
I have become recently separated from my husband, in which I was left excess debt. I have a home in my only, car payment, credit card debts, student loans and paying off a recent bathroom remodel. I borrowed money from my sister to help pay down some credit cards, but had to use them to stay afloat. My sister is laid off from work, but has started an internet business from home. My biggest problem is pay down my credit cards and some student loans. I’ve called credit cards but was not able to get a lower APR or debt consolation to have one payment.
How can I lower my debt without selling my home? Should I consider bankrupty?
Faye”
Dear Faye,
Should you consider bankruptcy? I think you should consider it equally with your other major options to deal with the debt. You can use the free How to Get Out of Debt Calculator to review your options.
Bottom line, you need to get your expenses to live within your income. That’s going to involve increasing income, lowering expenses, or a combination of the both.
Bankruptcy is a legal process to intervene between you and your creditors. Before you make any decision about how to proceed, I don’t think you are disadvantaged by speaking to a local bankruptcy attorney for free and learning more about what bankruptcy would mean for you in your specific situation.
Please post your responses and follow-up messages to me on this in the comments section below.
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