We Were Told Bankruptcy is the Best Option for Us


Dear Steve,

We are in about 90 thousand in debt I am 59 my husband 67 he is on SSI and VA income I am the only one working. I been told that bankruptcy is the best for us what do you think. We have a home homesteaded in Florida and one vehicle financed. maybe about 6-7 thousand in access in the home

Do you think bankruptcy is the best option.



Dear Patti,

It could quite possible be the best solution for you.

There are some facts to consider. Bankruptcy is often the least expensive and fastest way to resolve a bad financial situation and allow you to get the fresh start the laws allow.

Bankruptcy will not correct the underlying issues that led you into the situation to begin with. You will have to avoid those issues/mistakes to not end up in the same spot again. Most people do and a small number of bankruptcy filers actually file again.

You might want to read So You Are Going to File Bankruptcy. That’s Great News. Congratulations. You can also go here and read my many articles about filing bankruptcy.

Just based on the limited information you gave me, here are some reasons why bankruptcy might make good sense.

You Are Not Getting Younger – You are racing towards a time when you will not be able to work. Now is the time you need to maximize saving for retirement and if you are buried in debt you won’t be able to.

Best Return On Investment – There can be no argument that bankruptcy is the least expensive and fastest way out of debt. A Chapter 7 bankruptcy, which most people file, can dispose of unmanageable debt in about 90 days. On top of that, bankruptcy is the only solution that gives you the most amount of legal protection from your creditors. It will stop collections and harassment from collectors.

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Easy to Rebuild Credit – Rebuilding your credit after bankruptcy is an easy process. You will be surprised how many offers for credit you will get after filing. While there is a perceived stigma in filing bankruptcy, perception does not equal reality. Heck, even Donald Trump has been bragging about how he used bankruptcy for his business and it was a smart thing to do. If it’s smart and good for business then how can it be bad and dumb for people?

Debt Stress Will Kill You – Living in fear of crushing debt can lead to depression, stress, and even death. Those of us in the debt world all have stories about people dying from heart attacks or suffering strokes while under the pressure of problematic debt. The stress of the debt impacts your health. Now filing bankruptcy should not be the primary tool to improve the quality of your life, but it is a side benefit.

Repay Your Creditors if You Want – Some people say they feel some shame for not repaying their creditors. But there is nothing that prevents you from repaying your creditors after bankruptcy. Repay them if you want to. They won’t expect it and they won’t ask you to repay.

Bankruptcy Bottom Line

You can either live and linger under an impossible debt situation or you can use the legal tool available to you. learn from your past situation, and get the fresh start you are entitled to.

If you feel unsure about your decision or the bankruptcy attorney you spoke with, talk to a couple more. You should be comfortable with your decision and know it is the best move so you don’t have any regrets later.


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.

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Damon Day - Pro Debt Coach

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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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