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I’ve Been Middle Management in Restaurant Business and Now Manager of a Pharmacy. Future Looks Grim at 61. – John

Written by Consumer

I am 61 years old, and have been in the restuarant business for the past 27 years. Always middle management and therefore no retirement, no 401’s etc. We have 3 daughters and have paid for most of their college education and 3 weddings, at this point in our lives I am concerned about our debt. We have one car. Approx. $37,000 in cc debt. We are going to sell our house next summer but will only clear approx. $4 to 5000. Our combined income is approx. $95,000. Our bills are paid on time but we have no savings and little extra disposable income. Prior to making the money we make now, we were making less than $40,000. We are getting hammered with the finance charges. minimum payments only.

I am at a loss as to what to do. I am the general mgr. of a pharmacy and gift store. My wife is the buyer. The owner’s intent is to sell the store in 3 to 5 years. At 61 and 3 or 4 years down the road, the prospects for our future look grim. Should I consider debt relief or what? Thanks for your time and advice. If you need to ask any questions please do as I was trying to cover info. that might you.

John

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

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Consumer

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4 Comments

  • Hi John,

    Given the detail you provided, some form of debt relief would provide some advantages at this stage of your working career.

    With the income you listed you may not qualify for chapter 7 bankruptcy. Chapter 13 is on the table, but it would likely be a 5 year plan and half was through it appears your situation will change.

    A DMP may help for the first couple years, but here again your situation is likely to change half way through the program.

    Settlement could work as an alternative to both, and given time lines you provided, could be the right fit.

    Can you reply in the comment section with the following:
    Name of creditor
    Balance on each account
    Interest rate on each account
    What state you are in

    If you provide that detail I can paint a fairly clear picture of the amount of funds you will need over a given period of time in reply.

  • Hi John,

    Given the detail you provided, some form of debt relief would provide some advantages at this stage of your working career.

    With the income you listed you may not qualify for chapter 7 bankruptcy. Chapter 13 is on the table, but it would likely be a 5 year plan and half was through it appears your situation will change.

    A DMP may help for the first couple years, but here again your situation is likely to change half way through the program.

    Settlement could work as an alternative to both, and given time lines you provided, could be the right fit.

    Can you reply in the comment section with the following:
    Name of creditor
    Balance on each account
    Interest rate on each account
    What state you are in

    If you provide that detail I can paint a fairly clear picture of the amount of funds you will need over a given period of time in reply.

  • I John, I was in a lot of debt too, I did the same research you are doing now, I asked Steve and I followed his advice! We just filed for bankruptcy! And now I feel like a ton has been lift of my back. Good luck.

  • I John, I was in a lot of debt too, I did the same research you are doing now, I asked Steve and I followed his advice! We just filed for bankruptcy! And now I feel like a ton has been lift of my back. Good luck.

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