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We Have a Lot of Debt But We Don’t Want to Go Bankrupt. – Heather

“Dear Steve,

Due to my husband losing his job and my being off work at times for medical reasons, we hve a lot of unsecured debt. We do not want bankruptcy. We have to refi our house next year so I don’t know what to do. we have about $50,000.00 in debt.


Dear Heather,

Your options are limited with the requirements you’ve given. If you have to refi your house next year and keep your credit getting better then your only option is to pay down your debt by paying at least the minimum payment each month, on-time.

All other solutions may result in an impact to your credit report. Of course the reality might be with your current situation you can’t make ends meet and that will hurt your ability to refi next year.

In that case, sell the house now, rent, and deal with the debt without fear of getting a new mortgage.

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.


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‘.

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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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