Mike and his wife Caroline have been married for ten years. They have two daughters, ages 7 and 5. Caroline works part-time so that she can be with the kids after school. Recently, Mike got sick and had to leave his job. Caroline quit her job to care for Mike, while trying to maintain a sense of normalcy and security for their girls.
Mike and Caroline sold their house to pay for Mike's medical expenses, however, because they had not been in their home long, they lost money on the sale. Mike's medical bills kept piling up, and they began to rely on credit cards just to get by.
Thankfully, Mike is now well, and back at work. Caroline is working again. But they are facing more than $70,000 in debt due to their circumstances in the last few years. They pay $1000 each month in interest payments alone, yet they only have $600 to repay debts each month after their living expenses are paid.
The math doesn't add up in their favor. Even if they cut expenses further, there isn't enough money to pay their debt obligations. The financial stress is affecting their marriage, and their family. They want to save for their girls' futures but don't know how to make it work.
Families carrying too much debt often deal with the following:
- Stress that affects their jobs, marriages, and children.
- Inability to pay bills on time, or making only the minimum payments.
- Loss of sleep.
- Avoiding telephone calls for fear of bill collectors.
- Mail piling up as creditors send notices.
- Water or other utilities get turned off.
- Reckless spending because you don't see a way out.
You have options.
We see people from all walks of life in our office looking for that way out.
Should you repay your debts if you can? Absolutely. Does life sometimes have other plans? Without question.
Divorce, medical expenses, loss of a job, failed businesses...these are a few of the unexpected life-changing circumstances that can quickly bury and burden a family with insurmountable financial obligations.
Filing for bankruptcy can provide a fresh start. We will walk you through your options, and answer all your questions. Make an appointment to meet with us today. Call 919.934.7235 today to schedule your appointment.