I am on the verge of bankruptcy, what can I do?

Question

I am in debt up to my neck. To start off, I left my husband and all my debt of $70,000 to start a new life in a new city. I didn't divorce or file for bankruptcy. Here I am 4 years later and I am fallen back into that hole again. I am trying my best to keep afloat. Its just not happening. (I work but the company has merged and there has been several cut backs like no over time, bonus, ect.) My debters from the past have caught up with me. What do I do? I have a 3 kids and AFDC can't help because I make to much. I can't afford take my kids or myself to see doctor or receive proper medication because I can't afford co-pays. I am the soul provider the kids dad dose not pay child suport. Is there anyone else out there in the same situation? Any sugestions?

Answer 1

Sometimes bankruptcy is ananswer and teh best relief. Trouble with it is that it follows you around for seven years. It is a blotch on your name and credit report that can keep you from getting housing, credit, even a bank account and job.

My suggestion is to try and work out a payment plan with your creditors that you can afford to pay every month. If they are not reasonable (Many are not), then contact CESI
http://www.mycesi.org
They will consolidate your bills and get the creditors to be reasonable. They can get you a reduced interest rate at times and keep the collectors from calling and writing to you.

I hope this helps!

Answer 2

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RE I am on the verge of bankruptcy, what can I do?

I am in debt up to my neck. To start off, I left my husband and all my debt of $70,000 to start a new life in a new city. I didn't divorce or file for bankruptcy. Here I am 4 years later and I am fallen back into that hole again. I am trying my best to keep afloat. Its just not happening. (I work but the company has merged and there has been several cut backs like no over time, bonus, ect.) My debters from the past have caught up with me. What do I do? I have a 3 kids and AFDC can't help because I make to much. I can't afford take my kids or myself to see doctor or receive proper medication because I can't afford co-pays. I am the soul provider the kids dad dose not pay child suport. Is there anyone else out there in the same situation? Any sugestions?

Answer 3

Do you have any money in IRA's with your company? Can you cash that out and work out a deal with the credit card companies? They will take less than what you owe especially if they know you are going bankrupt. Remember the credit card companies really can't do anything to you personally. They can put a lien on your home and ruin your credit, but that is repaired after 7 years. I would cut up all credit cards and close all credit card accounts and start paying cash for everything.
You need to take your ex to court for child support. You can call your states bar association and they will put you in touch with an attorney. If you can't pay they should still be able to help you.
Why are you not divorced? You need to file for divorce and look into getting alimony. Did you leave him with your $70,000 debt? If your still married than all his debt is your debt and vice versa.
Remember you can only file bankruptcy once every 10 years so if you do it you cannot go into debt again.

Answer 4

First, get an answering machine and never answer the phone------screen your calls and don't give your creditors a dime, on the phone, or by mail.

Get your legal situation with your husband up to date--if you can, file for divorce, and try to get child support. If you have moved to another state, this may not be possible.

Remember, no one in this country can afford health care, so forget this for the moment, and don't blame yourself.

Go through your budget for the month intensely---get rid of everything possible that is draining you, that isn't food, gas, rent, etc. Shop only for food, no fast food, no frills for the kids. Assemble everything you have and inventory it, so you will realize what you DON'T need to purchase in the future.
You might be amazed at the supplies you have already, if you get them together.

Use your local library for borrowing video and dvd's and books for the children. You have already paid for all this by your taxes.

Look at all your receipts for purchases for the last month---go over item by item---list everything, and you will see the "frill" purchases. At the grocery store, get only store brands, and the very cheapest paper products. A package of identical cookies can vary from $4.00 to 94 cents (this last, the store brand).

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Get this "grunt" work done first, and get emotionally and physically organized, so you'll know what you have, and know what you'll be forced to buy this month.
And, forget the larger, impossible, "creditor" issues right now.

THEN, get yourself some sort of counselling about money-management, perhaps with DEBTORS ANONYMOUS, or a similar group. All the money in the world will not solve money problems that stem from emotional needs, which yours might be.
Some people deliberately create their own credit "crises" to mask what is really going on with them, their anger at parents from past slights and situations, their feelings of shame, etc.
You must discover what is driving you at this point in your life, and get your life into order, so you can control instead of panic.

Answer 5

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Answer 6

You need an attorney. Firstly, an attorney will advise whether bankruptcy is your best option and will take into account your marital situation. Secondly, if you do decide to file bankruptcy, the attorney will deal with your creditors.

Bankruptcy will mean that you will have to go through credit counseling and this will help you get your finances back in order.

See the link below. This will put you in touch with an attorney near you who will give you an initial free consultation. I hope this helps.

Good luck.

Answer 7

That's certainly a tough situation to be in. I would find a good not for profit debt management company and get that under control. You can't run and hide from the collectors forever. Your best bet is to confront them and find a way to deal with it.

You might have to find an affordable private health plan that will cover your children.

You should also get child support from your husband.

Answer 8

Get a divorce. Get some of the bills transfered to the ex husband. Consolidate and pay off what you have left.

Get child support set up.

Answer 9

first off do not avoid your creditors , stay in contact , contact your husband and see about either a bankrurupcy or a chapter 13 , if he is of no help , contact a bankrupcy lawyer and ask for a bit of advice , AND LET YOUR CREDITORS BE AWARE OF WHAT IS HAPPENING IN YOUR LIFE , Things can be so much worse on you trying to avoid the conflict with them , good luck

Answer 10

Dont use any credit cards!!!!!! Live on cash and dont buy anything unneccessary, less things that are useless to make fast cash, and ask for advice from banks and companies you trust. Hope this helps.