Stop throwing good money after bad. Take that money you have been sending to creditors and hire a good bankruptcy attorney. There is no sense ruining your health over this and not saving any money for retirement. You need to put yourself and your family first!
There are laws to protect you! Take advantage of them. Tomorrow morning, call and interview several bankruptcy attorney’s, another option would be to ask for a referral for an attorney from someone you trust, perhaps your accountant, or talk to family and friends. DONT be embarassed, so many people are going through this!!! You are not alone!! Go with your gut. Most offer free consultations and some offer free phone consultations.
You SO deserve peace. It’s your turn. Allow yourself to receive it! DONT stress yourself out by calling those darn creditors!!!! Talk with a bankruptcy attorney first!!! I am in a similar situation, though on a much smaller scale. I’m like you…..very in control of my money, very diligent about paying bills on time. But after 2 years with a business that could not keep up with it’s bills…..I decided ENOUGH. I am still learning all about this, and am in the process of filing chapter 13. Things seem rough at first when you make the decision, but once you accept it, it honestly get’s easier. Honestly. Hang in there……
Also, just a tip…there is a wonderful web site to check out with ton’s of info, www.lifeafterbankruptcy.com.
Please, reconsider bankruptcy. Most attorneys will give you a free consultation. You could also see if there’s a law college nearby. There’s one near where I live and the professors supervise students in a clinic as they provide free or low-cost legal help. Don’t know if all law colleges have this kind of clinic but it can’t hurt to ask.
If you’re still unsure about filing for bankruptcy get a piece of paper and make two columns on it. In one, list the bad side of doing it like the effect on credit scores and in the other, list the good things such as being able to afford decent food and sleeping well at night.
About four or five years ago my brother and his fiance broke up. She’d managed to get a couple of credit cards in both of their names, which he didn’t know about until after they split. He was able to file bankruptcy, get rid of those card debts, but GOT TO KEEP HIS HOUSE. So you just might get to keep your current home.
It sounds like you are a candidate for bankruptcy. I would look into it. I know not every situation calls for BK, but 140K debt and very little income to cover even your basic utilities, you need more than settlement offers.
Also, You need to see a financial Counselor. You should be able to find one in the Yellow Pages or online search. You might find one on Dave Ramsey’s site as an ELP. (endorsed local provider)