New and need advice

iVillage Member
Registered: 12-22-2005
New and need advice
2
Thu, 12-22-2005 - 12:13pm

Hello Everyone,

I am new to this site. I happen to be doing some research about credit card debt and I ran across a link to this board. Once I started to read some of the discussions I realized I am not the only one thinking, I will never ever get out of the financial rut that I am in. Here goes my story. My husband lost his job about three years, he was out of work for almost a year. He has worked on and off since but never long enough for us to begin to catch up on our bills. About two months ago he found a pretty stable job but he makes so much less.
We are so far behind on all our bills. Last night I received a summons from a credit card company to go to court for an abritration. I do not know what I need to do or what will happens once I show up. I owe over $10,000 and I have no way of paying it off other then by making small payments($50 -75). I guess I am scared of what will happen in court. I am a nervous reck and have been unable to sleep or eat. Any help, advice or insight will really help me out.

Thanks!!

Avatar for cl_phocid
iVillage Member
Registered: 03-26-2003
Thu, 12-22-2005 - 1:19pm

Hi there and welcome to the board.

All my best,
Danni

iVillage Member
Registered: 12-21-2004
Thu, 12-22-2005 - 2:54pm

I know exactly what you mean about having a husband out of work. My husband drives a truck and it seems like he changes jobs constantly. During 2005 he has been out of work three different times five & six weeks at a time. Our bills were already so much that we really couldn't even pay them. I had to file for Chapter 7 bankruptch in October - this still hasn't been completed - but it is making my credit cards and medical bills leave us alone (I owed about 50,000 - just in my name). My husband was unable to file - so we have all the stuff in his name to deal with - he has been charged off with 3 credit cards (and I read that a charge off on your credit record is as bad as bankruptcy) the cards have been turned over for collection. I was wondering what happens next - what exactly does arbitration mean? I wonder if that will be the next step for him? It seems like that when some people file bankruptcy that they start off fresh - but not for us - we still owe so much and we can't even catch up our monthly bills (like electricity, drug store, etc.) My husband is working now - but itis just not enough. I work full time also.

I know that none of this helps you -- but I wanted to let you know that you are not alone. We don't know what to do either.