Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Bankruptcy or just wait until I can work?

Right now my husband is the only one working we have three children and I am a stay at home mom until the doctor says it is okay for me to work again (just had our third child...birth control fail!). Our debt is very high since we could not find employment right after graduation so we had to live off our credit cards for about two years. Right now we are about 35,000 in debt (not including student loans which cannot be added anyway)...and my husband wants to file chapter 7 but I am not so sure it is a good idea. We are living paycheck to paycheck, so we only get about $100-200 left from each paycheck after bills...that is not including gas, food, clothes, etc. What do you all think as alternatives...

Answer Question

Asked by Anonymous at 11:50 PM on Sep. 1, 2009 in Just for Fun

Answers (3)
  • Do you watch Dr. Phil? There was a show on this exact thing on there yesterday. Go to and check out the section on saving yourself from bankruptcy.


    Answer by legalmommy101 at 12:02 AM on Sep. 2, 2009

  • do everything you can first to pay debts if you have reached that point already do it. Bankruptcy should be left for last resort. also watch out for something called chex systems. if you have any problems with your bank account. The bank can report you to chex systems theyput a thing on your credit that is as bad if not worse than a bankruptcy and it stays on for 5 years. It makes it impossible to get a bank account,loans, ect. goodluck.

    Answer by hypersquirrel at 12:03 AM on Sep. 2, 2009

  • Honestly I would file bankruptcy. Your credit is already shot. Even if you get yourself out of debt your credit is shot. Might as well wipe the slate clean and build yourself up. I filed bankruptcy in 2004 and my credit score now is 700 w/the bankruptcy still on there. In fact, in the next 2 months 7 bad credit accounts will be falling off. I am in the process of buying a house

    Answer by Anonymous at 1:41 AM on Sep. 2, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.