Is Bankruptcy my only option? I do not feel that I have many other options.?

My wife and I just started a downhill spiral and have been unable to get out of it. It started with me losing my job a year ago, started a new job but am just now really hitting my stride. I was a banker and now am an investment/insurance seller. I understand what I did and how I should not have but could not help it.

We have used up all of our savings and now are stranded. I am about to be making better money and do not really care about credit. I want to keep our house, our cars and then worry about paying back our creditors. I think we would be in really good shape in about 6 months but I do not have any money to survive until then. I have thought about credit counseling but do not think it will offer us enough help quickly enough.

On a side point, does anyone know if this will hurt me in my new profession? I am already licensed and registered with my company. Is there any way that I can lose my license?

Thanks in advance for your honest responses.

I need more information to assist you meaningfully. I am a fellow financial colleague and as you know, the numbers are everything. Give me accurate data.

You need to snap out of it, brother. You should care about your credit score. Numbers are key. While you will not lose your license, a bankruptcy/bad credit can be the reason for a bad review which leads to termination or not being hired at a power salary. You will be making $50,00-$60,000/yr like the rest of the rat race. You work for the financial industry and you must not be thinking to say what you are saying. Do you think a financial institution wants to hire someone who has money trouble? You know they run your credit in HR, right? Propensity for embezzlement or fraud ring a bell?

Give me the numbers and I will give you the world.

*Wells Fargo isn't bad, but I am against using Citi-Financial. My opinion of them from experience is that they are unprofessional, low rent and do not have the best rates. Compare rates and repayment terms online if you wish to verify.

Maybe a home equity loan to tide you over until you can start making money again.

You mentioned credit counselling, what about a consolidation loan through your bank? Talk to your bank about consolidating your debt. They will do a credit check and calculate what you owe + what you need. Then, they pay off your credit cards and debt and YOU pay the bank. It's beneficial because they don't always force you to cancel your credit cards, so you have that extra $$$ if you need it. You are also only paying one interest rate (the bank loan, it is lower than credit rates) and generally they loan you what you need to pay off your debt + a bit to get you back on your feet.

Another option is to seek a loan through citi-financial, rice financial, wells fargo, etc. These companies do the same thing, only they charge a much higher interest rate then the bank. The reason for this is that these companies will loan people the bank denies. They are taking a bigger risk and also taking advantage of the fact that they are used as a last resort.

Re: Side note. I don't think you can lose your license for anything other than malpractice or illegal negotiations.

If you don't have the money to pay for your house and cars, you aren't going to be able to keep them just because you file bankruptcy. To do a chapter 7 you need to be current on your payments for the things you want to keep. For a chapter 13 you need to make monthly payments into your plan sufficient to pay any arrearages on the house, pay your cars in full and a portion of your unsecured debt. It is hard, and if you have no money you likely won't succeed.

You need to consult a bankruptcy attorney about this.

I don't know why you are unconcerned about your credit in your field, if you lost your current job and had to find another one that could impact your ability to get a new job. I have no idea how bankruptcy would effect an existing license in your field.

yes!! and the sooner the better!!! see a bk lawye asap!!!