Unable pay unsecured debts.

[Creditwrench]

Unable to pay unsecured debts
Question: I work and make a decent income and my wife is at our home
with our 3
children. We've been juggling our credit card debts for several years
and
have reached the breaking point. About 60% of the debt is in her name
and
the rest is in mine. We can pay our mortgage, utilities, food, taxes
and gas
for work but after that there's just about nothing left. Our credit
card debt is
about $108,000. and we are trying to figure out how best to negotiate
settlements with our creditors. If we could get it down to about 50%,
I could
probably liquidate my 401k completely and pay most or all of it off.
Any
advice you have will be greatly appreciated.

Answer: If you can't make it you can't make it. Don't do that which
is impossible for you to do. The present state of the economy is going
to make your situation even more untenable. As you know, both food and
gas prices are escalating rapidly and inflation is nearly out of
control. Time to dump the load you cannot bear but do so in a way that
makes you come out the winner instead of out the little end of the
horn. Don't ruin your 401K over this. That is pure foolishness. You
are going to desperately need all of that when you retire. You are
going to have a long tough fight on your hands but if you start
preparing for it now by learning the law you can come out way ahead
and with pristine credit. So don't be a loser.

Bill Bauer
405-684-9297
405-227-9423

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