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I run a small photography business. Business was steady enough for the past 5 years, but now it has tanked. I grew up with severe medical issues, was once on full disability for it. The Govt found the problem, fixed it and said go work and be productful.

So I did... along the way I picked up a wife, 2 kids and 40,000 in student loans and no degree.

Together my wife and I owe about 15-20,000 in CC debt over the 10 years of marriage. I use the term lightly, because she is wanting a divorce and thinks that will fix all of her issues in life. Sadly this is never true.

So back to debt.... I am doing odd jobs to bring in what I can, and still shooting portraits when I can book people, but it's VERY sporadic and tight.

This month will cause me to miss payments for "real" (not where I just forgot, called them, told them the truth and paid it immediately).

Should I talk to each creditor and tell them the truth and work out a plan? We don't own a home (we rent), I need the internet plan for my job (Currently), and we are making our payments on our 1 car.

My wife's credit cards are already in settlement for the past 1-2 years.

What do you "experts" recommend? I have tracked down a Bankrupsy attorney local to call, but sometimes it's best hearing it from someone who's been through it.

I'm still on the job hunt, even though there's few things I can do and handle thanks to the heart condition. My kids need to eat, that is all I'm worried about. My wife works full time at a preschool making 7.50 an hour. I clear 12,500 after everything's said and done each year on the photography business. We're poor, but not poor enough to qualify for state welfare. Although they told me to reapply now that my business is not going well.

Thanks for reading my life story. All advice is appreciated.

-MurkyInMO (Missouri)




I think bankruptcy is going to be your best option. Get rid of all that credit card debt and start with a clean slate.

The student loan debt will have to be repaid. It can't be included in your bankruptcy.

Sub: #1 posted on Fri, 07/06/2012 - 06:02

OhioGal1 OhioGal1
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(Posts: 5253 | Credits: )

Thanks for the advice OhioGal.

My wife is concerned with them taking our one car that we are making payments on (never been late), and our duplex that we rent.

What MIGHT happen?

-MurkyinMO

Sub: #2 posted on Sat, 07/07/2012 - 11:59

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Do you have a ton of equity in the car? If not, they wont want it...you would have to include it in the bankrutpcy and then reaffirm it.

Sub: #3 posted on Sat, 07/07/2012 - 12:29

SOAPLADY SOAPLADY
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(Posts: 17272 | Credits: )

It's a 2007 used Chevy Malibu that we just picked up in March on trade in. Roughly 9,000-10,000 left to pay on it. We have not missed a payment on it, and would let our credit card payments go late first.

I'm still on the job hunt as well, and speaking to a Bankrupsy person by email once he gets ahold of me.

Are we ok? As long as we can still make those payments?

If all of the payments each month were wiped out to "credit cards" only, we'd save 700-800 a month total between the two of us. I would STILL need at the least a 500-750 paying job that I would be able to do with my heart condition.

-MurkyInMO

Sub: #4 posted on Sat, 07/07/2012 - 15:15

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