What resources can I use for being behind in payments. I am not in debt for credit bills. I need a service .?

Question

I am lost! I am in a good job now with commission. I am a broker and only count on clients I get that is based on my income. I have been at this job for 6 months so there is not much money coming in to pay my bills as of yet. I am relocated in a new area where I don't know anyone. In this job it is cold calling on people.
Three years ago I left a job of 18 years for good reasons. Went into a job that was very good until hurricane charlie came through and wiped out the business and the money I had to start the business. I have been financially strapped for about three years.I don't own credit cards so there is no credit debt. The two payments I owe that are big is the SBA and my car payment. The others are small bills that add up. I do not spend money. Every penny I earn goes into a bill and then that is not enough. I divorced four years ago. i have a daughter who has a rare disease and most of the money has gone to medical outside of insurance. The current day to day existance.

Answer 1

You have a few options available to you. If your salary's dropped so that you can't afford the bills, the creditor and mortgagors usually have debt releif plans where they can restructur the debt and payments.

One thing to do is ALWAYS stay in contact with the creditors and let them know what's going on. It helps to send in a letter of hardship stating what the current situation is. You'll also want to send them in a financial worksheet - basically a listing of all income sources and debts. This helps them decide how to restructure the repayment plans. If your daughter has a diesease and need medial attention reguarlay, you have a real hardship that the creditors should recognize.

If all else fails, there is bankruptcy. It's not a good thing, but it can get you the debt relief you need. If you do decide that bankruptcy is the way to go, make sure you understand the impact. It can put a black mark on your credit for 7 years and even make it hard to get housing or a job. If you talk to a bankruptcy attorney, make sure they can give you a good lead for credit repair. Going back to your daughter's health issues, that may qualify you for medical bankruptcy.

while you weigh the options, you may want to look at your financials. If you have luxury items (cable, cell phone, subscription services, smoking, etc) then you may consider downsizing for a time while you get the rest of the bills paid off. You'd be surprised at where the money goes once you start making a list of all the expenses. You may also be able to borrow from your 401K at a low interest rate in order to pay off the bills.

Keep your chin up, and good luck with the bills.

Answer 2

I would try a debt consolidator service.

If you don't own a home right now and are renting you may want to consider filing either bankruptcy or Chapter 13. I've never had to do this but I know a few people who have. As horrible as it may sound, ultimately they were much better off!

You may also wish to consider finding a new job with a steady check. It may not be the ideal job for you but it would be better than being broke.

There is no shame in working (any job). The shame comes from hopelessness and feeling defeated.

Good luck! I wish your daughter well.