I am 31 years old. My wife and I just had our first baby in February and because of this my wife is not working. We are in a lot of debt and probably a lot of trouble. My annual salary is $68,000 annual. Our current debt including car loans is approximately $66,000 and $41,000 minus our two car loans. My average monthly expenses for utilities and insurance is $1165. Could you tell me what my best option would be? I am not one for bankruptcy but many have recommended I do so. I would be willing to take a reconsolidation loan but doubt anyone will give one to me given my amount owed.
I have written a Bankruptcy FAQ which should answer many of your questions about what is involved--it may be found at http://users.erols.com/lawyer/FAQ/br_faq.htm. I strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help. There's something very wrong with our system in general when a salary such as yours is not enough to keep a mother home with her child.
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