What do you do when your finances fall apart completely?

Question

My husband and I are devastated financially. We were making it fine for several years, but in the last year, things are falling more and more behind, and NOW, I will not make any income while on maternity leave. I don't want to leave my baby with a stranger, but we can't make it on his meager income. HECK, we can't even make it on our combined income!!! I'm ready to walk away from everything and live in a tent!!! HELP!!! FYI: Credit counselling said one year ago that we just needed to make more money. That's easier said than done. And, we have sold most of our assets besides our house (that'll probably be next) Consolidation loans will not help, and creditors call daily. AT WIT'S END!!!

Answer 1

well i don't have an answer for you, i just can offer my support. my husband and i work (he full time, and me part time), we don't live a ritzy life style, and we too are devestated financially. We have 3 children, and I feel horrible when I have to tell them that they can't even get a movie from the movie store. Right now we are in credit counseling, and I hope that we get some benefit from that. I always like to look at things opptimistically, and count the blessings that I do have instead of what we don't have. I know that doesn't help much, but with this being a constant strain, and consuming your life (like it is mine), is adding extra stress on the baby. Hang in there dear, keep your chin up.

Answer 2

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Answer 3

do you have any family that is friendly to helping support you all through the time of need.

i'm guessing that either you owe a lot, have little income, or spend a lot.

each case is different. if you have some cash flow, then it's easier. if you're spending, but have very little coming in, then very difficult. it may be time to sell the house and get some equity to pay debt, or increase cash.

really don't have enough info about income/expenses to help.

Answer 4

Begin by writing everything down, seperate it all out, put priorities to it, ie, the roof over your head, food for the family, especially the baby to come. See what you are spending on, that is not a necessity, like going out to eat. You can survive on little, I have done it.

Answer 5

bankruptcy may be an option with the recent changes in the law and so called means testing, it has become more difficult and not as clean as it was before . over the lonf term you must spend less and/or make more

Answer 6

please listen to this guy: http://www.daveramsey.com

his financial advice is practical and geared towards people struggling financially.

good luck.