BANKRUPTCY PROTECTION
I am deeply in debt and lately it seems to me that there is no real way out other than bankruptcy. My wife and I both have jobs and make decent money but not enough to cover the debt load. We own a house that is worth about 260K and have a mortgage of about 210K.The house is jointly owned with my wife. I have various debt from credit cards and personal credit lines of about 80K. I owe my brother 70k and he wants to to take collateral on the equity in the house by registering a 2nd mortgage against the house.
The credit card debt and line of credit debt is all in my name, although my wife is a secondary cardholder on some of it, she did not sign the cardholder agreements.
I have no other investments.
We have two children. If my employer finds out that I am in bad finacial shape or if I have to declare bankruptcy and this information comes out, I will probably lose my job. I am not sleeping at night, it is affecting my job performance, I am drinking way too much becuase I just feel like there is no way out.
Is there a way that I can either work something out with my creditors – a proposal, or if I have to go bankrupt will I lose everything? Is the credit card debt my personal debt or is it my wifes also?
I understand the temptation to simply send a bunch of facts to a free website and hope someone can give you an answer to your problem, but it doesn’t work that way.
It definitely sounds like you should speak to a trustee or counselor about your situation. That’s really the only way you will get an answer tailored to you unique situation.
Use the links to find a trustee in your area and either gve them a call or send them an e-mail – that’s the next step. Good luck sorting things out.