My Husband Lost His Job. I’d Like to Declare Bankruptcy. – Lyudmilla

“Dear Steve,

I’d like to declare a bancruptcy, because I can’t afford all my payments. I’m 67 years old. Retired, devorced have got a pension and SS income. My ex-husband lost his business, job and also can’t pay his debts. We’ve got a house. Now it’s on short sale. No car, only debts.

My question: how much is it cost the process of bancruptcy and how long will it take it?


Dear Lyudmilla,

There are two schools of thought on this. One might be that since your income may be potentially protected from garnishment that bankruptcy would not be necessary.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

I happen to be from the other side of the argument that in situations like this bankruptcy can provide you with a fresh start and legal opportunity to move forward with your life based on your new reality.

You can click here to find a local bankruptcy attorney to assist you.

I would suggest that you meet with the bankruptcy attorney and discuss your specific situation. You can go meet them without any decision if you will or won’t file. Just go and get the facts and then you can make a final choice about declaring bankruptcy after you sleep on it.

Don’t feel rushed or pressured into making any decision but also don’t feel that your decision should be based on purely an emotional reaction to bankruptcy. Listen to what the attorney has to say and factor in the financial benefits of filing bankruptcy so you can put a real solution in place that will help to deal with the stress and current financial reality you are living with.

With a little planning, you and your bankruptcy attorney can put together a plan of action that can deal with all your debt, including the house.

Please post your responses and follow-up messages to me on this in the comments section below.

Damon Day - Pro Debt Coach

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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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