My son was diagnosed with Leukemia had bone marrow trasplant medical bills out the ying yang. I make my living as a Realtor but with no work and an economy that is shattered I lived off credit cards for two years so I could be full time caretaker to my son who is finally this fall gone back to school. Somehow I have to find money for college (single mum). I can’t pay anything anymore I am so down health and mentally at present time.
How bad is bankruptcy should I wait to file until my home is foreclosed what should I do?
I am so sorry that you’ve had to live through this. It is easy to see how these events can impact you emotionally. The fear and worry for your son and the loss of self-esteem and fear with the inability to earn as you once did. Feeling of stress, depression and illness are typical at times like these.
Bankruptcy is neither good nor bad. It is emotionless. It is a legal tool one can use to remedy an impossible financial situation when no other options exist or are realistic.
If your home will be foreclosed on then you might as well just wait for that to happen so you can put the debt owed from that in the bankruptcy as well.
At this time, expecting that bankruptcy is in your future, I’d turn your attention towards finding a job, a new place to live and looking forward to a new and better future.
If money looks hard to find for college, maybe you might want to consider having your son contact the financial office at his college to see what loans he might be able to take out in his name. Just becuase he takes out the loan does not mean that you can’t make the payments to help.
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.
Then use the free How to Get Out of Debt Calculator to review your options.