I'm In the Same Boat and It's Sinking Fast

I'm going to be 30 this year and I feel so ashamed to say this but I'm on the verge of filing bankruptcy. I've been married for 2 years this april and just gave birth to my beautiful baby girl in december. Everything would be ok but I was so stupid in college and racked up tons of credit card debt that I can't possibly ever be able to pay back. I'm out of a job and we are living on one income. My poor husband can't cover all the minimum payments for my debt plus the other bills alone. I know that bankruptcy lasts for 10 years. Will the time fly by fast . Will the next century of my life be unbearable and a burden on my daughter. I don't know the answers to these questions. I'm terrified of the answers actually but I need to start over. I need to try and make my child's future a good one. I can't do this anymore.

drillgirl drillgirl
26-30
3 Responses Feb 9, 2009

i'm 43 i filed last summer i now have a platinum visa card with a $2000 limit and a 1 year introductory 0% interest rate after that it becomes a variable interest rate which right now would be 9.9% i have received many offers from dealerships wanting me to buy a car and i'm quite sure if i had the downpayment i could probably get a home loan fairly quickly as well. bankruptcy is not the end of the world

Look - declaring bankruptcy isn't the end of the world. Go ahead and declare it. All the big corporations do at the drop of a hat. I injured myself at work in 1998. I was out of work, drawing a reduced pay for over six months with NO income. I declared bankruptcy. It was almost painless. The banks and such will tell you that you can never have credit again when you declare bankruptcy - wrong. Two weeks after the bankruptcy was filed I received lots of offers for credit. To be sure the interest rate was higher (by maybe two percent) but in the months after the bankruptcy I had no problems at all financing a car and other things. Good luck. Find a good lawyer. Take care and have a good one. Don't worry about owing the comapnies - their CEOs are living it up on your and my money.

Get rid of your stress for your families sake, and realize there are a lot of people like you guys out there about to face the same ...