Ready to take responsibility
Date: Thu, 07/02/2009 - 17:17
So here we sit - able to make the minimum payments, and trying hard to not use our cards. But being cash strapped something always comes up and we add to our load.
I won't bore you with the details but between being poor money managers and the usual strife of life I have found it very easy to ignore my own finacial peril.
But I am ready to do what I need to do now. But I dont know where or how to start.
Here is the deal - we are heavily in debt. Both with current cards and with 1 2nd mortgage. The second was actually taken out a few years ago. At this time we (the dh and I) discussed using the renewed cash flow to pay off the second quickly. But less than 6 months later he decided to quit his job spur of the moment instead. With not enough money coming in our debt load grew. So here we are again.
This is an emotional issue. I dont know how to get everyone in the family on the same financial mind track. Getting out of debt is going to take commited effort from everyone.
Blah - I am getting emotional.
Where do I start to get us out of debt? We can not borrow money from family. dh could be more gainfully employed but I do not see him taking tha road. It took almost 2 years to get him back working at all. Sorry emotional.
I have been reading about all the options and they all sound like we will have to either find more money or become late in our payments. I dont think more money is forthcoming. Our credit is OK right now. But I would hate for it to get worse just to get it better. But I am willing to consider anything.
Is it possible to get out of debt without contracting with some service? Can one do this and keep sane?
How badly is your credit messed up if you take try to settle your debts on your own?
I guess I am asking about debt settlement because it seems like a viable thing. But how viable is it really when you dont have enough cash flow to save enough money to make a pay off once you are offered one?
Ok - I have said a lot. If you have read this far I commend you!
Hey quirky, i am sorry to hear about your situation and it kind
Hey quirky, i am sorry to hear about your situation and it kind of breaks my heart to see someone in a simialar situation to me. While i am not married, the lions share of my debt has been from me taking care of a man who was too lazy to go to work and no motivation to help me or himself. :oops: (dont wanna sound like im bashing your man, but men who wont work when they are completley capible but unwilling is kind of a sore subject now and make me very emotional and a little sick,so dont be mad, i feel your pain is all im saying :( ) In my case, took the first step and got rid of the loser...anyway, i tried a debt management company and debt settlement on my own and while i have heard success stories, they have not worked for me and have actually backfired. I realize that the only course of action for me is to file bankruptcy. I am in the process now (just gotta come up with the attoney fee) If i were you, i would consult with an experience bankruptcy attorney, most will offer a consultation to go over your options for free, and then decide if thats good for you. (side note,there are also free legal resources available if your willing to do a little research, check your states resources on the internet to see)As for credit, its just time to face facts, you might just have to sacrifice your credit rating for some years, but what would you rather worry about, how your going to come up with the money to pay your bills or your credit rating. As i understand it(i got the info from a friend who filed, not an attorney so i feel it trustworthy) When you file a chapter 7 and your debts are erased, this does not necessarily make you a credit risk to lenders because if you have no debt then they know that all your income is free. Check your state exemption laws and, again i would recommend a free consult with a bankruptcy attorney to determine what property you can keep (they will let you keep your home) and what will be surrendered. you will have a fresh start and years rebuild your credit...so dont fret, sometimes things have to get worse before they get better and whichever way you decide to go,settlement or bankruptcy, i wish you the best of luck and hope you will do the same for me. :D
