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I Was Jobless For a While And I’m 120 Days Late. – Billy

Billy

“Dear Steve,

I was jobless for awhile. I am 120 days late on alot of my bills… Credit cards etc.. right now im barely making enough to keep me a float. Im able to just pay neccessities right now. With different companies calling me everyday wanting me to pay, I have told all of them my situation. I dont know what to do.

What can I do to pay off my bills without going further in debt? Can the different companies put me in jail since i havent paid for so long?

Billy”

Dear Billy,

The best thing to do right now is probably to do nothing. There is no sense entering a debt management plan or promising any collection company any payment if you are just getting by paying for the necessities.

I’d suggest that you draw a line in the sand, like 60 days or so. If, by that time, you are unable to have any extra money to even consider a payment plan then you might have consider bankruptcy.

Bankruptcy would allow you to eliminate your past due debt so you can get a fresh start and move forward with your life. Most bankruptcy attorneys will give you a free bankruptcy consultation so you can get all your questions answered for free.

Does that seem like a reasonable plan right now?

Steve

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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.

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