My husband has been with a letter carrier for the US post office for 22 years. We recently moved from LI NY to Milford PA to make a better life for our children. With the move meant transferring to a new Post Office. Now with all the cuts in the Post Office my husband is on the bottom of the list for working. He gets sent home after 3 hours so usually only works 25 – 30 per week. He has been looking for part time work but unfortunately nothing has happened as of yet. We are in credit card debt for over 70 thousand due to the past 2 years of paying for our food gas and car repairs.
My relative mentioned to me yesterday that there is a government program that helps with credit card debt. I don’t want to talk to people who charge you fees which is what happened to me 4 months ago. I am also working on the government modification for our mortgage. Can you give me information on that?
With rumors of hundreds of post office branch closings and aggressive actions by the Post Office to reduce employees, I would be very concerned about continued income with bottom rung seniority.
The only government sanctioned plan to reduce credit card debt is bankruptcy. No matter what your relative told you, there is no Obama Plan or government plan to otherwise reduce debt.
Regarding the modification of your mortgage, you need to understand that it is not government plan, but totally under the control of the lenders. There is no requirement for any lender to modify any mortgage and the initial results of the total number of mortgages actually modified is very low.
Unless you have some six figure income, I would suspect that talking to a bankruptcy attorney is going to be your best option. My bigger concern is that you need to make sure you can live within your current income since once you take any action to reduce your debt, the credit cards will be frozen and closed. This means you will no longer be able to rely on them to help make ends meet.
Before you make any rash decision about what course to follow I suggest that you contact a local bankruptcy attorney and schedule a free bankruptcy consultation. Just go in and learn what bankruptcy would mean for you. Ask every single question you can imagine and then go home and think about what you learned before you take action.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.