“Dear Steve,
I was using this ctredit for my small business and my daughters wedding. At the time we had solid quarterly dividend check with 3 different investments. They went away with the economic crash and thus no money to pay. we have moved out of state and have made payments for 2 years. We cannot do it anymore.
We are only 2 weeks late on payment. Should I call and try to negotiate? Can they take anything from me?
Jim”
Dear Jim,
I certainly understand the spot you are in.
We can distill this down to the following questions. Is there any reasonable belief that you will be able to resume paying these bills within 30-60 days and continue thereafter on a regular basis?
If you say there is not, that’s okay. I just don’t want you to embark on a path that will have little likelihood of success.
I think your situation is one where you just don’t have the income and can’t make any promises to pay anymore. What I am concerned about is if you use your last dollars to make a payment or two and that just leaves you flat broke.
If my assumptions are correct, then the logical solution at this point would be to seek protection under the law and go for a legal fresh start using bankruptcy protection. Right about now you might be tinkling, Yikes! And having thoughts that bankruptcy is too drastic of an action. It’s not. Read this.
Your credit card companies are not physically going to take anything from you but as you begin on this new path in life. I can’t imagine that having creditors chase you, sue you, and potentially get wage garnishments against you is beneficial or desired.
You can click here to find a local bankruptcy attorney in your state. I also think you should use the online calculator to review your options so you are fully informed about the major potentials.
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.
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