We were debt free in 2000. But, in the past eight years my husband has been self employed and at first small expenses went on credit cards with the idea that they'd be paid back when sales came through. Long story short, that company went under with the Dot Com crash and by then we were about 20,000 in debt. Then, we moved and he started a new business, same basic issue...cut ahead a few years and we're at 47,000 in credit card debt and no way to get out from under it. Now he's applying for salary employment, but we're still drowning in debt that we can't handle.

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If you cannot pay back the debt, the best think to get rid of it is to file bankruptcy. Since both of you are unemployed now, if you file bankruptcy under Chapter 7 and it may get discharged and you may be exempted from paying off the debt. But bankruptcy will stay in your credit report for seven to ten years and may adversely affect your credit score.

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