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WE OWE MORE ON MY HOUSE AND CAR THEN THEY ARE WORTH. WE OWE CLOSE TO 50K IN CREDIT CARD AND PERSONAL LOANS. MY WIFE WILL BE RETIRING IN A FEW MONTHS. I HAVE BEEN ABLE TO STAY A FLOAT BUT NOT FOR MUCH LONGER SINCE MY WIFE’S RETIREMENT WILL BUT A HARD BURDEN ON THE FINANCES. IS BANKRUPTCY OR DEBT RELIEF THE WAY TO PROCEED?

If you can avoid bankruptcy, you probably should. Remember, bankruptcy is no long easy or fast. They now make you go through an extensive credit counseling program and your finances will be reviewed thuroughly before the courts determine that you are indeed bankrupt.

So resort to bankruptcy if there is no income or other assets that can be used to pay the bills. It sounds like you are overextended but you are hanging on which leads me to believe you may have the income to consider debt settlement. This will reduce your payments and put you on a plan to become debt free in 3 years. They will negotiate your debts down over that time period one by one.

You may want to get a quote from a debt settlement company to see if the monthly payment reductions are enough to allow you to get by and get rid of your debt so you and your wife can eventually enjoy retirement debt free.

Good luck to you.