Hello. I am at a loss and do not know what to do. My husband and I have gotten advice from many people, from loan officers to credit counselors to friends, and we are still confused. About 2 years ago our brand new truck got stolen after having it for 3 months. We had been paying on our vehicles on time and was on track on our debt. We didn't have much. Then it got stolen on the day our insurance lapsed. We were never without insurance but at the time we thought we had enough money in our bank account to cover it. It automatically debited from our bank account. Anyway, long story short our truck was never found and was never paid for. WE lost hope and gave up on our 2 little cc that we had and let them go too. We didn't do much on our credit but these last few months we had been wanting to buy a house and a couple of loan officers told us that we needed at least 3 open lines of credit. So we open a secured cc and a Conns appliance account. We have paid on time for 3 months now. Thinking we are doing okay. Thinking we are on track.
Then a credit counselor calls me and I tell her our situation about the truck and she tells me that the company who financed us will put a judgement out on us and they will garnish my husbands wages. The company isn't going to let 30,000 dollars slip by. Now, this scared me. Not one of those loan officers told me that that might happen or will happen. My husband is the only on working and I am terrified. What to do? Call them and make some type of arrangement? But, we are on a very tight budget already with me going to school, having 4 children and my husband only working. She kept on insisting that to call all the places we owe and try to settle and try to make payments. But, we cant. We have debt now that we are trying to pay down and we cant get a personal loan to consolidate on them now much less try to pay off pass debt.
Do any of you have advice? We are at a standstill. Does bankruptcy sound as the only solution to our problem?
