I am sure you have heard this all before, but life went a bit out of control after lung surgery being slammed down w/ medical bills etc., needless to say, I am in over my head w/ credit cards. Already have an second mortgage (equity) loan I can barely afford and to top all off a woman came after my husband two year’s ago claiming her 14 year old is my husband’s child. After DNA test and court days we ended up having all confirmed and got slammed w/ $1,300 dollars a month child support!
We had to take a 401k loan out to pay for a settlement w/ this woman on top of everything and that cost us monthly $800 dollars just to re-pay the loan! We got 2 kids ourselves and we struggle from paycheck to pay check to pay our debt. Our credit cards are about 30,000.00 dollars/ monthly 884 dollars. Our home mortgage is 236,000.00 dollars/ monthly 2,142 dollars and our equity is 104,000.00 dollars/ monthly 724.30 dollars.
I considered selling our home, but that requires putting in new flooring and of course we can’t afford that right now either L plus, houses do not sell all that great right now and where would we go too? We wouldn’t have much down payment after paying off everything else.
Do you have any advice what we could do? I am desperate and have no idea how we can survive. This is a big strain on us emotionally as well as on our marriage. My husband keeps thinking we’ll be all right, while I worry all the time and I have fallen into depressions.
Thank you for your time.
I appreciate your husbands optimism but denial offers the same result. It seems from what you’ve shared the issue is one where the monthly financial demand exceed the monthly income. Is that correct?
There are several possible options here but first I need to understand what your goal is. Do you want to try to repair the past or create a foundation for a brighter financial future and happiness?
Let’s start with the basics.
I’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth and The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. They will give you a great overview of what we need to deal with to get you moving in the right direction.
Then use the free How to Get Out of Debt Calculator to review your options.
Does that sound like a reasonable approach?
Please post your responses and follow-up messages to me on this in the comments section below.
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2 thoughts on “Slammed With Child Support, Medical Bills and Other Debt. – Pet”
I actually read your book that’s how I found your web site.
My goal is to repair our Credit somehow and get a better
financial future. However, I am not sure, as we really do
not have anything left to put aside by the end of the month.
It’s really depressing.
Do me a favor, please read How to Get Out of Debt. The Honest and Unvarnished Truth. And let me know if that seems to resonate with you regarding your situation.
Let’s get you from depressed to taking positive action.