Bankruptcy Isn't the Answer

Kathy has been beat up by life, and wonders if bankruptcy is the answer for her.

QUESTION: Kathy in Colorado wants to know if she should file bankruptcy. She is going through a divorce with $53,000 of debt and a $20,000 income. She has health issues from the abusive marriage, and a child and ailing mother to take care of. She will receive $1,800 a month. What does Dave suggest?

Dave's ANSWER: You say your house is paid for, so let’s get it on the market and get it sold. You also need to get with a good counselor and get with your pastor at your church because you’ve had your heart broken and you’ve got a lot of stuff going on in your emotions. Financially and mathematically, you’ll have to re-engage in the marketplace.

That’s going to be good for you. It’s going to be part of your healing, but that’s more than a radio call. If I were in your shoes I’d sell the house and get some detailed counseling with a good pastor and a good counselor.