My Husband Can’t Find a Job. – Elizabeth

“Dear Steve,

My husband has been laid off and is not able to find a job and believe me he’s looked everywhere. He had the greater income to where we could pay all our bills with just his paychech now its just my income which is half of all our bills combined. I have been considering letting go of some of our expenses and only thing i can think of is the car. Tried to sell with no success.

What options do you recommend for me to do other than return my car on which i still owe 24k and avoid a repo on my credit? Please help cus as of know seems like thats gonna be the case unless theres a better option.


Dear Elizabeth,

You might simply have to let the car go back to the lender if you can’t afford it and then you’ll probably follow that up with a bankruptcy to kill the big bill they will send you for the car.

Typically the largest expenses are shelter and transportation. But if you have not looked carefully at all your other expenses, you might want to. The one expense that I would hate to see you give up is health insurance if you have it now.

Be aware, even if you give the car back it will probably show as a repo and will leave you with bad credit as a result. But it really can’t be avoided if there is not enough income to make the payments and the other necessities you are trying to pay right now.

If you have not done so already, take a look at all the public benefits that you may be eligible for like unemployment payments for him and maybe even SNAP, or food stamps for you.

Please update me on your progress by

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‘.

Damon Day - Pro Debt Coach

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