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I’m So Far in Debt I Don’t Know What to Do – Gloria


“Dear Steve,

I have gotten behind in mortgage vehicle and monthly payments. I have so many collection agencies contacting me that I don’t even know how far into debt I am. I have credit card debt that is above $10,000. My husband is laid off of work. I am being garnished . i just don’t know what to do anymore. the company I work for filed chapter 11 bankruptcy so don’t know from week to week if I will still have a job

My question is: Is filing for bankruptcy my only recourse.? We don’t wanna lose our home and we need our vehicles to get to work


Dear Gloria,

First, before we can make a plan we need to know what the reality of the situation really is. Only armed with the facts you can make good choices.

I would suggest that you get a copy of your consolidated credit report to find out who and how much you really owe. I suspect that you’ll be surprised at how much you owe in total. But while that will be difficult to face, it will allow you to really come to terms about who and how much you really owe.

I don’t want you to lose your home either but that isn’t really up to you and me. It is determined by your income. If you don’t make enough to pay the regular payments due, even bankruptcy won’t let you keep those items.

If you’ve been garnished then this has been going on for a while now. This does not sound like a new situation but one that has been slowly deteriorating and now it is time to face it, once and for all, before it truly boxes you into a corner and leaves you unexpectedly homeless.


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.

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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.


  • there is a legal limit to garnishment amounts and if you are already there, you may be protected from further garnishment. As long as you make the payments on cars and homes, you will not lose them. More than likely at this point, the only damage that is being done is annoyance and frustration. The real damage has already happen so now it is a matter of recovery. Don’t let collectors scare you, in fact, send them a do-not-call letter that demands communication by mail alone. That way you can begin sorting this out.

  • It is a shame that we have, as a country, allowed ourselves to get into positions like Gloria. I hope that this recession helps point more people down the path of responsible saving and spending habits.

    Gloria, I hope that you and your husband are able to get your debt under control and avoid bankruptcy (and keep your house).

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