Debt Consolidation, Debt Reduction or Bankruptcy?

Hello,

My wife and I decided to start a family. Both educated, good jobs, etc. Long story short, we couldn't get pregnant. We did IVF 3 times. Cost about $38,000. That did not work. Then, we turned to adoption. We now have a beautiful baby boy (now 9-months old - time flies!) - that ran us about $30,000.

The IVF and adoption bills are killing us and we are now way over our heads. Both have great credit and several cards are 0% but the payments are so high. Our bills exceed our income by about $1,200 each month now.

We have a Capital One health loan, a Discover personal loan and 3 credit cards.

Any advice? I don't even know what I should be doing but I know I can't make the payments starting this month. Bank accounts dry and just don't have the additional sources to draw from like I did previously.

Thanks,

Rob

wow--- first congrats on the adoption of the baby !
as for the credit cards, you can stop making payments, and after so many months, they will pursue collections or you could make a settlement. or you could call and explain you have a "hardship" (key word), and get reduced payments and no-to-low interest for specific time periods.. as for the health loan and personal loan, what to do on those depends on the terms of the loans, and if you put any collateral down.
debt consolidation varies depending on where you go for that. you could apply for a debt consolidation loan at banks, credit union, and finance companies. but the bill is still gonna be high, due to the time they give you to repay...as i do not think the cccs will not include personal loans, only credit cards into their plans, that pretty much kills that idea.
to me, it sounds like bankruptcy may be your best option..

Any way you do this, your score is going to tank. You might wanna consult with a BK attorney, but if you are over your median income for your state, you may be stuck with a chapter 13 plan.

At least your in debt for a good reason!
Capital 1 medical loan? They probably had a clause to take your first child if not repaid
Congrats and good luck with your family.

Hey,

How about going for credit card debt settlement? If the total outstanding balance is reduced for you, would you find it easier to repay the loan? Try it out!