Ok, the wonderful new friends on this forum have mentioned that I should present our current situation to receive suggestions, thoughts, and advice to begin our process. I posted this in my other thread, but thought I would start a new thread to make it more focused. (Hope that's ok for the moderators?)
Hubby and I sat down and did a real quick, REALLY rough calculation of our situation which breaks down (very roughly) as thus:
The total debt includes credit cards, loans, etc.
We quickly estimated some areas where we could cut costs and basically live on pasta, potatoes, and ZERO luxuries or extra amenities and I know we can find other areas to cut, but the impact would barely be a drop in the bucket (if that!).
Hubby still believes the answer is bankruptcy, but I am seeking "wisdom from the masses" to find other answers before making that final decision.
WHERE DO WE START ??!! :smhelp:
WHERE DO WE GO FROM HERE ??!! :smhelp:
I'm hoping for some helpful direction from those who have gone before us to face this seemingly impossible and helpless challenge.
Hubby and I sat down and did a real quick, REALLY rough calculation of our situation which breaks down (very roughly) as thus:
- Estimated Monthly Income - $4600
- Estimated Monthly Outflow - $5116
- Estimated Total Debt - $74,000 (gasp)
The total debt includes credit cards, loans, etc.
We quickly estimated some areas where we could cut costs and basically live on pasta, potatoes, and ZERO luxuries or extra amenities and I know we can find other areas to cut, but the impact would barely be a drop in the bucket (if that!).
Hubby still believes the answer is bankruptcy, but I am seeking "wisdom from the masses" to find other answers before making that final decision.
WHERE DO WE START ??!! :smhelp:
WHERE DO WE GO FROM HERE ??!! :smhelp:
I'm hoping for some helpful direction from those who have gone before us to face this seemingly impossible and helpless challenge.