Need advice! We recently closed our restaurant and now have no income and lots of credit card debt. We have been loyal to Wells Fargo ( owe $89,000 for 2 CC's, 1 line of credit, and a personal student loan), Chase ( $18,000), Discover ( $19,000), and Citibank ($16,000). Never missing a payment in over 15 years. We probably have paid back our debt in interest over the years! We are going to try to settle this debt, now that we are jobless. We have been researching for a step by step method online and for books, but still don't see a good process that we feel confidant with. We are old and tired now, plus taking care of aging parents and still paying our kids student loans. We will never be able to pay this back in full. We will probably have enough money to settle for 30-50%... if all goes well with our tax returns and inheritance. I appreciate any advise and your time and expertise! ( Also, we live in Texas, if that matters )
Sorry for your difficulties. It is not the end of the world.
First, kids need to pay their student loans.
Second, inheritance is not an asset.
Third, you ran a restaurant, you can work in a restaurant and make more money for less hours.
Don't give up!
Consult with a Bankruptcy attorney.
We are still current, as we just starting living with out an income. Even with hardship, we will never be able to pay these debts off before we die. We are going to have to stop paying this month.
We are old and tired now, plus taking care of aging parents and still paying our kids student loans. We will never be able to pay this back in full. We will probably have enough money to settle for 30-50%
Visit the Bankruptcy forum to learn more about the process. https://ficoforums.myfico.com/t5/Bankruptcy/bd-p/bankruptcy. Definitely read pizza1 BK7 Guide. It's very informative.
One thing really struck a vital cord was when you said you're old and tired. And this is exactly why I suggest filing bankruptcy.
One of the things many who have taken that route say--they wish they had done it sooner rather than later.
OP - in 2017 a business that I was a partner in failed. I was on the hook for high seven figures in debt, an amount I also would have never been able to pay back. I know exactly how you feel. Please - explore bankruptcy as an option before you spend countless nights losing sleep over debt that you can do nothing about.
Thanks for the kind words and good advice!
Thank you, I will definitely will look into bankruptcy. I appreciate your time!