Debt Problems

I would like to get some guidance on how to get solve my financial problems?

My wife and I have gotten to the point where I am on the verge of getting my two cars repossessed. Recently I got my income lowered by $20000 a year and my debt exceeds my income. I am behind on my morgage in which I am paying out of each pay period to get it caught up because I do not want to lose my house but the other debts suffer because of this. What do I do about the threat of my cars eventually being repossessed? What other choices do I have besides bankruptcy? Can someone point my in the right direction?

Public Comments

1. If your wife does not work have her get a job. Are you paying day care? If your wife is not working sell one of the cars. You can get a part time job. There is not enough room here for more advice. I also would need more information.
2. Talk your creditors be up front Get rid of the cars.. We went bankrupt Its not that bad We have recovered it sure takes a lot of stress away.. Learn to say Do I need it or want it?
3. Classic approach is to take two tablets - one for assets one for liabilities - divide the liabilities in half, those you Must have and those that are luxuries. Example, you need transportation to work, so a car is generally the answer unless a carpool, cost sharing or mass transit is available. Do you both need transportation to work? View each separately. Seek credit counseling - possibly thru United Way - it is likely available free, confidential and un-biased! Good Luck
4. 1. Get a second job for while. Something like delivering piazzas. Use that income to pay down your debt. Maybe you're wife gets a job, or a secong job as well. 2. Sell something. You may not want to sell the home but if the payment is more than 25 percent of your monthly take home then maybe you want to think about it. Sell one of the cars. Sell both of the cars. Sell anything and everything. 3. If your not on a written budget then get on one. Budget for essentials first like food, clothing, shelter, and utilities. Divy up the rest as best you can. Start by making the minimum payments on your largest bills and try to hit the smaller ones hard. Once a smaller one is gone then roll that money into the next smallest bill then on and on. 4. Get a 1000 dollar emergancy fund. Emergancies happened at the worst times. There's no sense hitting these bills hard if when Murphy calls you have to go into debt further to handle it.