“Steve here’s the deal. I’m $25,000 in credit card debt. I lost my job and have no source on income coming in. I’m barely meeting my financial obligations and depression is setting in. I have $10,000 to my name. Bankruptcy seems to be out of the question because I don’t have an income source. My only asset is a car. Am I dead meat?
You can still go bankrupt without an income source. In that case you’d probably do a Chapter 7 bankruptcy and your debt would be completely erased.
Now some might be critical of me jumping to bankruptcy so soon but you mentioned that depression is setting in. It is hard to get up and get going while slipping under the dark blanket of depression. If we can resolve one component of your depression, the debt, then good.
Hunting for work and being chased by collectors is not a positive environment to avoid the debilitating grips of depression.