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I’m Unemployed and Can’t Pay My Bills. – Tim

“Dear Steve,

I am unemployed,but i have some savings!

I have 3 credit cards that total $14,000 and a car loan that I owe $6,000 on. what do you think i should do? they are all over two years delinquent!



Dear Tim,

You have two choices, you can either wait till you start making money and then try to begin to repay these debts, or you can use part of your savings, go bankrupt now and close the door on these old debts. If you decide you want to repay them latter after bankruptcy, you can.

Going bankrupt now will put an end to the old bad stuff and give you a chance of starting over, without the debt, without collections and truly give you a fresh start.

Find a local bankruptcy attorney you like, make an appointment and go in and talk it over.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

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About Steve Rhode

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.
  • tim


    How long will the bankruptcy last? will I be able to rent an apartment?
    I also saw my credit report,I have 16 positive credits and 6 potential negatives!
    3 charge offs! what do you think?

    • Steve Rhode


      The open and delinquent items hurt you more for longer. Ultimately your credit won’t improve till you take care of those issues and then start using credit again, responsibly.

      You should be able to rent an apartment but immediately after bankruptcy the typical corporate apartment complex might give you an issue or two. You can either give them a larger deposit or find a place from a private landlord.


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