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

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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?


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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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