I am a single mom of 4. I recently went through a divorce in which my former husband incurred alot of credit card debt – to the tune of $76,000.
While the credit is not all mine, it is all in my name and legally I am responsible.
My montly net income is approximately $5800. I have been muttling through making only minimum payments and I am current on everything. I know that at this rate, I will never be able to pay these debts off and have no ability to build a savings account.
I have explored many options, including bankruptcy. But I have no idea which is the best route to take. I would like to honor my obligations if at possible but with so much information on the web, I have no clue what is the best route to take. But I want my life back and be able to enjoy my children and not have this constantly over my head and weighing down my self esteem. Any guidance is very much appreciated.
What is the best way to get out of debt?
Frankly there is a lot of crap out on the web that makes people feel guilty for considering bankruptcy. The interesting fact is when you examine those statements closely, they don’t add up or are supported by the facts.
I think people make a lot if ignorant statements and parrot people like Dave Ramsey without really knowing what they are talking about.
Ultimately the best way to get out of debt involves matching your situation and goals with the available solutions.
In my experience, the most reasonable and logical solution after a divorce is a bankruptcy. Once you convert a two income household to a one income household, even with some support, it does not take long for the house of cards to fall.
Besides, divorce is a fresh start from a bad marriage. Divorce is a process under the law. Bankruptcy is a fresh start from a bad financial situation. Bankruptcy is a process under the law.
Read through the articles below and get the straight scoop before you rush to make any decision.
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.
Once you’ve identified a company you want to work with, then follow my step-by-step guide on what you should look for and expect from a good debt relief company.
Please post your responses and follow-up messages to me on this in the comments section below.Big Hug!
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