Trudy
“Dear Steve,
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?
Trudy”
Dear Trudy,
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.
It is probably the time now to start talking to a bankruptcy lawyer and plan for your upcoming bankruptcy. Click here for bankruptcy information.
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.
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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Steve you are wonderful, I have been reading your answers to others for over 2 hours. I too have a lot in my mind with my home and cc debts that I though I could settle with all but yes american blu card moved my account to a collections that just sued me! Now I think the only option is filing chapter 13 cause I still want to try to keep my home! I can’t believe so many people with not jobs cause of this economic terrible situation that in the end will lose everything and will have to start from zero.
Poor America, riches will stay riches and hard working people will end up homeless…Sorry I got carried away
the only reason I wanted to write here is to “thank you” so much for being there for all of us, hugs Clelia
Well thank you very much. I’m so glad I was able to be here to help you.
Chin up and move forward with a plan and a smile. At least you are not on fire. 🙂
Steve