I’m recently diagnosed as bipolar – and have 25K in credit card debt that I’ve racked up over the last 18 months. I thought the problem started less than a year ago, and have blanked on anything prior to March 2008 with regard to finance trouble.
How do I quickly get out of debt? I’m an at-home mom with a husband ready to take on extra hours… hello!
Honestly, bankruptcy is probably a very reasonable and logical solution here. Your bipolar diagnosis does not surprise me based on your spending amnesia. Money problems are very common amond people diagnosed as bipolar. The spending seems to really accelerate during those high times.
Because you have been recently diagnosed and do not have a medium range history of being level and balanced again, I have serious reservations that if you embarked on a plan to repay your debt by yourself or through a debt management program, that you would be able to successfully complete it.
Due to that doubt I think that bankruptcy is a realistic way to address the debt situation that will allow you to focus on getting better.
You might want to ask your husband to pull your credit report monthly to monitor for any new credit accounts, at least for the next year following your bankruptcy, just to make sure there are no new “blanked out” credit excursions.
With all of that being said, let me assure you that you are not alone with bipolar debt. It happens to many and the awakening to the debt sometimes leads to yet another bipolar roller coaster ride. Address the debt but focus on getting bipolar condition under control and leveled as your primary goal.