Help! Not sure what to do.

Discussion in 'Credit Talk' started by craneman, Feb 7, 2009.

  1. craneman

    craneman New Member

    I'm rapidly going down hill with my debt and everything else. I used to bring into the household about $5200.00 each month and besides the normal household bills and mortgage of $1400.00/mo I have a truck payment of $630.00 each month and a balance of $34,000.00. I've had the truck for over two years and I don't seem to be making any headway on the balance and recently because of this recession my income has been reduced to around $2800.00 per mo. I thought I was living within my means and then this happened and I don't know what to do. My wife also has student loans in excess of $30,000.00 that we can't pay right now. Does anyone have some advise? I could sure use the help.

    Thanks
     
  2. greg1045

    greg1045 Well-Known Member

    I would suggest that you explore filing bankruptcy. Initial consultations with attorneys are usually free.
    Please don't let some of the anti-bankruptcy opinions/posters here sway you.
    The government is in the process of bailing out car makers, banks, insurance companies.
    Bankruptcy is bailing YOURSELF out.
     
  3. jjgross

    jjgross Well-Known Member

    I agree with Greg seek the advice of a bk lawyer and go through the options when your in so deep there's not much chance of reversing it.
     
  4. Hedwig

    Hedwig Well-Known Member

    Do some reading and studying before going the BK route--it will stay with you the rest of your life.

    For the student loans, contact the Ombudsman at the Department of Education and see if they have a program that can restructure some of the loans. I don't know if they've set up any programs on not, but you need to check. The student loans aren't going to go away.

    If I were you, I'd sell the truck, pay off the loan, and get a used vehicle until you can get back on your feet.

    Look at ways you can cut your costs. Get rid of your cable. Don't subscribe to newspapers and magazines--go to the library and read them.

    Get a second job at 7-11 or McDonalds--anything to bring in a little cash.
     

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