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I Was in Jail for 7 Months And Now Behind on Credit Cards. – John

“Dear Steve,

NOT WORKING MUCH SUB-CONTRACTOR. DELINQUENT 1 1/2 YEARS ON CREDIT CARDS. WAS INCARCERATED ABOUT A TOTAL OF 7 MO. ABOUT 10-12,000 TOTAL CREDIT CARD DEBT. NO ASSESTS

WHAT IS BEST APPROACH. BANKRUPTCY DEBT CONSOLIDATION??

John”

Dear John,

Being incarcerated never seems to help your credit or debt situation. Over the years I’ve talked with and helped many people who were previously in prison who had financial problems.

What is past is past and now we need a plan on how to solve the problem. The reality is that while you were incarcerated, away in prison, your credit card debt didn’t go away. The only way to deal with the credit card debt at this point is to either make payments or to deal with it in some other way such as in a debt management plan.

The key to your solution is going to be income. If you don’t have sufficient income to negotiate a repayment plan with your creditors either by yourself or through a debt management company then your options are limited to a couple of choices.

If that sounds like your situation then unfortunately your two choices are our to continue to be in collections or to speak to a local bankruptcy attorney about discharging your debt with bankruptcy.

I wish I had the better advice for you but it is just a fact that being in prison is not helpful to overcoming debt. At least you’re out 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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