I Don’t Want to Ruin My Credit for 10 Years and File Bankruptcy. – Mary

“Dear Steve,

40K in cc debt…been in collections for at least a year with a recent summons from Discover. Have been unemployed off and on, trying to find full time work for approx.

6 yrs and just landed a ft job at $14/hour. Working per diem jobs as well. Really don’t want to do BK..I like my bank and the car repair companies I deal with, never mind the credit score slam and hardship I will face for the next 10 years, being 58 yo.

Also need a car…don’t know how that is going to work… and a cc for car repair

Any other way to go aside from claiming BK?? Any info appreciated.


Dear Mary,

Thank you for reaching out to me for help and advice.

Let me be blunt with you about your assumptions about bankruptcy, they are just flat out wrong. So I need for you to evaluate bankruptcy based on facts, not what other people might have told you. Read, Everything You Always Wanted and Needed to Know About Bankruptcy.

Congratulations on landing the full time job. That is great news. But I’m worried about what kind of financial safety net you have. Please read The Saddest Avoidable Mistake People Make When Getting Out of Debt before you start letting your assumptions drive your decision making.

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

I’m positive your bank loves you if you’ve been making the payments. But it looks like it is going to be mathematically impossible for you to dig yourself out of the hole with are in unless you have no expenses and you land a bunch of side jobs.

Decision timeI’d suggest you first read How to Get Out of Debt. The Honest and Unvarnished Truth, How Do I Get Out of Debt Quickly? Change Your Mindset, 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.

See also  I Am Married With Five Children and Struggling to Get By. Ken

Then use the free How to Get Out of Debt Calculator to review your options.

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.

You need to make the decision that best for you based on facts and not the decision that’s best for you based on myths.

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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