I Work in Public Safety, Have Cancer, and Struggling With Debt After Divorce

Question:

Dear Steve,

I divorced recently and when I moved out I took a lot of the debt with me. He did not follow through with his end of the bargain. yes, I know I should of gotten a lawyer but its too late for that now.

He let my daughters be repossessed while she was in school so I paid to get it out with the understanding he would pay me back…. well that didn’t happen. We had a business that I also ended up with the debt from. I have been working crazy overtime hours for 5 years to try and dig out. I have managed to get my credit rating back to good but now I have run into another stumbling block.

I have cancer and will need surgery/chemo. I work in public safety so I can’t work on the street which cuts my salary tremendously (mostly due to not being able to work overtime). I am finding myself in a position that I can’t pay my credit card debt. This is not something that comes easy for me.

I don’t have any idea what to do short of bankruptcy. Any suggestions?

Amy

Answer:

Dear Amy,

Why not bankruptcy? It is the least expensive and fastest way out of unmanageable debt. It sounds like your situation is similar to that the Federal Reserve Bank of New York describes in Those That File Bankruptcy Do Better Than Those That Don’t.

Bankruptcy should never be the last choice but selected as an option when it is the most logical choice given a set of circumstances.

You can compare the different typical solutions using my online get out of debt calculator.

The most important question here is if it is smarter for you to continue to try and repair the past or repair the future. Only you can answer that.

Steve Rhode
Get Out of Debt GuyTwitter, G+, Facebook

If you have a credit or debt question you’d like to ask, just click here and ask away.

This article by Steve Rhode first appeared on Get Out of Debt Guy and was distributed by the Personal Finance Syndication Network.