I make decent money, been in the same career for almost 15 years. My problem is, with child support, marital debt, poor housing market, reduced bonusses at work due to economy, I am in over my head. I have worked up a detailed budget analysis and the outlook is grim. My house is worth $30,000 less than I owe. I've been trying to sell it since February '07. My truck is worth $6000 less than I owe. My minimum monthly payments going out each month are roughly $1500 more than money coming in, and there is no end in sight. I live a meager lifestyle spending money on just the basic necessities. I have racked up almost $30,000 in unsecured, high interest (some @ 30% APR) debt just staying afloat, waiting for my house to sell. It is all about to fall apart, and my 6 and 3 year olds, of whom I split custody 50-50, are going to see their father have a breakdown. My counselor scratches his head along with me, trying to find a credit-saving way out - there just isn't one. If I sold my house to break even, I could move in with a relative for a year and turn things around. If I could sell it for a loss, I'd do it if there were a way to release the lien. I just don't have any answers. Maybe someone here does?
