My husband is applying for full disability because he has MS and he is not able to work anymore. We have fallen behind on every credit card payment, but we are paying the car, mortgage and utilities, to make it day by day. I am currently unemployed but i could never make enough to cover all our debt. I can barely make enough for our essentials.
I am dead worried about our future, it’s more than enough with his chronic illness and we can never have a future if i decide to pay all our debt. I am currently unemployed because i got laid off. I am collecting unemployment and desperately looking for a job. But when i get it, are they going to take my wage? my house? that’s all i have. Should i go to a bankruptcy lawyer? please help
The good news here is that you have already prioritized your payments to those people that you should be paying first; shelter, transportation, and utilities.
The right decision in this situation comes down to expectations. Is there a reasonable expectation that with your current situation that you will be able to resume regular payments in the near future, I don’t think so. The only exception is if you were able to land a new job that paid you enough to easily make ends meet.
But living through these issues and times is only 10% about the money and how it adds up and 90% about how you are feeling, coping and managing in these turbulent and scary days. I’ve lived through dark financial problems and bankruptcy but I have not had to add chronic medical disabilities and unemployment into that mix.
From a more holistic point of view I think you need to look at the proper solution for you as one that improves the quality of your life and firmly resolves the money troubles at the same time. I think you’d agree with me that if we can eliminate some of this money stress you are living under that it would have a positive impact on your day-to-day life, your outlook, and your husbands ability to deal with his illness.
The only way that we can achieve this goal is through the use of bankruptcy. By going bankrupt you will most likely be able to keep your home and car, eliminate your credit card debt and then we can focus on rebuilding your credit report and credit score latter, after you’ve had an opportunity to decompress from all this pain and stress.
Do you agree? Does this seem like a logical plan of action to you?