Ok, the FIRST thing you need to do is BREATHE..

Truthfully, you have more power in this situation than you think. Yes, they want their money. But all their yelling, threatening, name-calling, etc. won’t get you do give them money that you DON’T HAVE… Go open the latest letter from each of the creditors. That one will have updated info, so you can throw the older ones away. Have you actually gotten notice of a court date from ANY of your creditors?
I’m assuming that you can’t even make your minimum payments. How far short are you per month? Can you get a part-time job to make up the shortfall? Sell some stuff to get caught up?
There is a text file in our files section called letter to cc.txt.
This is basically a note stating that you can’t afford all your monthly bills, and you’re looking to get some help from creditors in an attempt to avoid bankruptcy. Edit it to suit your situation, and send it to all of your creditors. You may be surprised at how much they may work with you. If you feel comfortable posting your income, expenses, and debt balances, someone here should be able to give you more specific suggestions.
Also, please take care of your ‘4 walls’ first. Food, housing, utilities, transportation. If you can cover all that on your income, you can fight through the rest.

I’ll give more suggestions based on your answers to these questions.

Good afternoon, and sorry to hear you’re still very frustrated

Before replying, I went back to search through the notes you’ve sent previously, because I couldn’t quite remember your situation. It looks like I posted a few times in 2015, then not again until January of this year. It seemed in January that you were newly motivated to grab the bull by the horns and get going on a budget or plan to get your finances squared away. But I didn’t see whether you posted specific budgets or if you got as far as opening bills and adding up the totals. That’s a big scary first step, but that’s gotta happen before anyone can really give you solid assistance.

So I guess before answering what you’ve asked below, I’ll ask you something first: are you willing to open those latest bills and statements, at least see what the current totals are, and post your current specific income/expenses? If so, we can help you wade through some options. If not, then there’s not a lot we can do except give you general support and encouragement, whatever you end up deciding (or whatever is decided for you).

My brother went through bankruptcy years ago basically because he was told that was his only option. At that time I had not yet faced my own financial issues and I’d never heard of LT, so I don’t know if he really had other options or not. I can say that if you choose to do nothing, then your choices will be made by others, and you won’t have much say in the matter.

So if you’re willing and able to start opening some envelopes and writing down totals and at least getting stuff on paper, yea we can help you sort through your options. I also expect we’d be able to see some options that you can’t currently see. I know that was the case with my finances, and that seems to be the case with a lot of folks when they first take that big step of publishing their specific information. I encourage you to set aside a few hours (or the day) to take that step. Find a sitter for the kids, call in sick for the day, and start opening envelopes and scribbling down numbers without a lot of other distractions getting in the way. Let’s see how big this monster really is. Maybe it’s not as big as you think. Without those details, and with just the general information you’ve given so far, there’s not much specific advice we can give. I hope you give it a try.

so im very behind in alot of credit card bills..

mortgage is good
maintenace is good – have a coop apartment in NYC.

havent opened bills in months..
has anyone here been in a situation where you are being sued by cc company? or 10% will soon be taken from your pay check through court order .. i think a marshall..

would filing bankrupcy help me at all at this point?
How does one even begin the process of filing bankrupcy..
Help/opinions/ideas expertise from you guys would be appreciated..

Thank you!

Well, gosh darnit, we had to try

But of course you would have already taken care of all that. Silly us! Glad you’re so proactive. But please encourage him to get going on that whole “find buried money out in the yard” project. That sorta fired up my imagination this morning and it sure sounded like a fun time. Only thing we’ve found buried here so far have been old car tires…….

WAAAAAAY ahead of all of you on dh’s overall health picture

He had a very complete physical in Nov. Then this Monday, when he was diagnosed, he had another complete work up, just to be on the safe side.
His heart is excellent (both physically and emotionally). The doctor did do chest x-rays and he said dh’s heart looked PERFECT and he was looking for heart problems. The pleurisy and some minor scarring on dh’s lung were the only problems they turned up. The scarring did not surprise us. Dh was in Viet Nam and was exposed to Agent Orange he has also worked in oil fields on and off. So scarring was not a surprise at all.
Doc J. said that except for the pleurisy dh was in excellent health. I already an expecting a return call from doc though from where I reported yesterday’s episode.


If you can’t find a lender that would work with you *without* using a FICO score, then it sounds like you’re going to have to get a credit card to keep your score up. I’d suggest using one for monthly expenses and then paying it off as soon as you get the bill, but, I’m not so sure that paying every month actually COUNTS to increase your score. Nobody is, because they won’t TELL us. Plus, you’d have to make sure you don’t get one of those cards that uses ‘average monthly balance’ to screw you out of interest…

This isn’t a new situation at all!

We’ve been brewing and stewing about this for several years now. The only new aspect of it is the declining credit score. I didn’t see that part coming. At least not so soon. I knew from FPU that once we’d paid off all our debts and stopped using credit, eventually that score would go down. Didn’t think it would be less than a year in the process.

All I’m trying to do is lay out some kind of reasonable “this is how we could do it, if we decided to” plan. I had a plan like that right up until the whole ‘credit score is going down’ update from Monday. Just trying to come up with a new plan. Or a good revision.

Well, I came inside for a break and decided to just pay the $1 and get my credit score

Keep in mind that last September my score was approx 700. As of today, per Experian, my score is 598, my credit risk is rated as “High” (ie, a high risk) and my credit grade is “F”.
While I’m officially very pleased that I’m on the Larry path and that I have only one open account and it’s current, and I’m making payments on my closed credit card and that I’m heading towards a realm of no debt to anyone, frankly I have to admit I have real mixed feelings about the above. No, I have no intention of ever having a credit card again. Yes, we’re getting to where we pay cash for everything. But my insurance premiums, for the farm, the truck and probably my health insurance as well, are all based in part on this number. My ability to rent heavy equipment is based on this number. Apparently my ability to get new utilities is based in part on this number. And yes, if we decide to sell our smallish farm and buy the farm we’ve been working on for the last six years, which is currently appraised at near $1mil, we’d need a mortgage for that. We could possibly talk the current owners (or their family) into a contract for deed with the money going into some kind of escrow, at least for the first few years, but they’d undoubtedly want some kind of balloon payment to finally be done with it and get their money.
I wonder how highly it would rate to try to explain to an underwriter that I want to buy a million dollar farm, and I have no credit, “but it’s Ok, see, because I’m on the Larry’s plan.” Let’s just say my mood today has not improved with this new information.