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Had Cancer, Retired, But Want to Avoid Bankruptcy. – Jack

“Dear Steve,

Cancer forced retirement at age 65 (two yrs ago). Have no income except Soc-Sec and Sm-Pension ($3,000 total). I’m current on mtge (PITi $2300/mo) and on Credit Cards (4ea, w/$50K balance, paying $1300/mo). Yes, spending everything including ‘extra’ from wife’s $350/wk take-home pay. (She’d like to retire next year if she can–assuming we rid ourselves of the unsecured Credit Card debt)

1. Can we avoid bankruptcy? 2. Consolidation isn’t an answer since we need everything to live on…barely. 3. Would love to refinance but afraid since I’m retired & wife is almost!!!

Thanks in advance for your BEST answer to our dilemma.


Dear Jack,

Congratulations on beating the cancer back. My Mom died this year from ovarian cancer so I’m very aware of what the possible consequences of cancer are.

Can you avoid bankruptcy? Yes, just keep repeating what you’ve been doing.

But without bankruptcy I really don’t see a way for you to continue to service your debt and make it unless your wife has some amazing and incredible retirement plan or assets you have not disclosed.

The most logical thing to do is to click here and find a local bankruptcy attorney. At face value, bankruptcy makes the most sense since it would discharge your debt in months, give you a fresh start and allow you to be better able to make ends meet moving forward.

I can’t imagine your goal would otherwise be to keep on the current path or face being sued when you default on your debt.

I’m worried your credit card debt is the result of using the card to get by. If so then as you continue to use the cards the balances will increase to the point where this will all implode in on you if you don’t take action now.

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.

About the author

Steve Rhode

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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