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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 112757
Experience:  Attorney At Law handling education matters.
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My husband and I are considering filing Chapter 13, we fell

Customer Question

My husband and I are considering filing Chapter 13, we fell behind in March due to reduction of income and now cannot seem to get caught back up. We both work full time and can pay our monthly bills except the past due unsecured debt in the amount of about $48,000, which is what we put on the back burner while we struggled. Right now I am paying off one to two credit cards per month. Is there any reason to consider another alternative? Debt management just doesn't seem like the best solution.
Submitted: 6 months ago.
Category: Bankruptcy Law
Customer: replied 6 months ago.
Also, my husband is no longer working off just commission only pay, he now has a steady income coming in.
Expert:  Law Educator, Esq. replied 6 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
If you are unable to keep up with your debts as they become due and you have gone through your finances and income and do not see a change in the near future, really bankruptcy most times is the only realistic and smart alternative. If you cannot get debt consolidation assistance to try to negotiate the debts to something more reasonable, then bankruptcy is really the best alternative now (despite the stigma many people attach to it from years ago). Also, depending on your assets and debts, you may qualify for not just Chapter 13, but Chapter 7 and get a complete extinguishing of your debts to get you a fresh start.