An old cliché says, "The definition of insanity is doing the same thing over and over again, but expecting a different outcome." You might feel this way as you attempt to fix your financial situation. If your finances control you instead of you controlling them, you might need to find another way to end your struggle.
Chapter 11 bankruptcy can be a useful tool to buy time to pay your creditors.
You really want to continue driving but you are having trouble making the note payments. If you own a house with your wife in New York, and have less than $330,000 in equity above the mortgage, bankruptcy might be an option. Educate yourself about bankruptcy. Then call to develop a customized strategy.
A taxi medallion owner, searching the Internet for options, called. "I heard you were helping a lot of people."
His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn't decide what to do.
Times are hard, and your paycheck seems to stretch thinner each week. Your mortgage, medical bills and credit card debt would be burden enough, but the student loans overwhelm you. Perhaps they are from your own education, but more than likely, you took them on for your children or grandchildren.
He retired several years ago and leased out his medallion to the garage, which got him drivers and a steady stream of income to pay his note, with change to spare.
Years ago when he refinanced his loan, he signed all documents requested at the closing. One of the documents was a "Waiver of Right to an Attorney". Another was a "Confession of Judgment". He didn't really understand what it meant.
"I got your name last night at Kennedy Airport while the drivers were talking, waiting for fares. Someone else had been to see you and gave me your number."
His Divorce Lawyer suggested he call me about a bankruptcy to deal with $125,000 in credit card debt. It sounded like a good idea, but there were hidden risks that nobody else had noticed.