I am considering filing bankruptcy due to overwhelming debt. I contracted long COVID before vaccines were available, and though I eventually recovered physically, the financial impact has been significant. I had to close my psychotherapy practice, which employed six clinicians, and relocated from MA to CO. During the move, one of my brothers died, and I spent a year grieving, unable to work. I depleted my savings and retirement funds, and despite working again, I’m struggling to make ends meet. I have around $200K in debt, including $75K in student loans, but my income is far from enough to cover it. I recently moved in with my partner to save on rent, but even with that, I am unable to dig myself out of debt. I’m wondering about my options for filing bankruptcy, and if I get married, will my partner become responsible for my debt? We live in Colorado.
I’m really sorry you’re going through all of this. Bankruptcy could be an option to consider, especially with the amount of debt you’ve mentioned. It’s good that you’re looking into it now.
Corey said:
I’m really sorry you’re going through all of this. Bankruptcy could be an option to consider, especially with the amount of debt you’ve mentioned. It’s good that you’re looking into it now.
Thanks, I just feel so overwhelmed with everything. I didn’t expect my life to turn out like this.
Corey said:
I’m really sorry you’re going through all of this. Bankruptcy could be an option to consider, especially with the amount of debt you’ve mentioned. It’s good that you’re looking into it now.
It’s tough, but you’re doing the right thing by looking for options. If you need to, filing for bankruptcy might give you the fresh start you’re looking for.
I’ve been in a similar situation. The stress from illness and financial problems can be a lot to handle. Definitely look into Chapter 7 or 13 bankruptcy options. They can help clear out some of your debt, especially if you’re struggling to make payments.
@Daryl
I’m trying to understand which one might work best for me. I just don’t want to make a decision I’ll regret.
@Daryl
Chapter 7 is often for those with less income or assets, while Chapter 13 can be good if you have a steady income and need a structured plan to pay off some of your debts. It might be worth talking to a lawyer who specializes in this.
I think you should definitely consult with a bankruptcy lawyer. They’ll help you decide whether Chapter 7 or 13 is right for your situation. Bankruptcy can give you a fresh start, especially with the amount of debt you’re dealing with.
@Olin
I’ve been thinking about that. It’s just hard to take the first step when everything feels like it’s spiraling.
@Olin
I get it. But getting that legal advice is the first step toward feeling more in control. You’ll have options once you understand your rights.
It’s great that you’re considering all your options. Don’t worry too much about your partner’s liability—they wouldn’t be responsible for your debt unless their name is on any of your accounts. Keep that in mind when thinking about your options.
@Ocean
That’s a relief to hear. I was worried my partner might end up being dragged into this.
@Ocean
You’re welcome! Just make sure to double-check everything with a lawyer to be absolutely clear.
If you’re already married or planning to marry, your partner’s finances won’t automatically be tied to yours unless you combine assets. It’s good that you’re working with them to save rent money, but your debt is still your responsibility unless they co-signed loans or credit.
@Oli
We’re not married yet, so that’s a relief. I just didn’t want to create problems for them.
@Oli
No worries! You’re being responsible by planning ahead and looking into this now. Just be clear about everything when you start filing.
I’d also recommend speaking with a bankruptcy attorney about the specifics of student loan debt. It’s harder to discharge in bankruptcy, but there are exceptions that may apply.
Kai said:
I’d also recommend speaking with a bankruptcy attorney about the specifics of student loan debt. It’s harder to discharge in bankruptcy, but there are exceptions that may apply.
I’ve heard student loans are difficult to discharge, so I was worried they’d weigh me down the most. Thanks for the tip!
Kai said:
I’d also recommend speaking with a bankruptcy attorney about the specifics of student loan debt. It’s harder to discharge in bankruptcy, but there are exceptions that may apply.
You’re welcome! Definitely ask the attorney about that to see if there’s a way to include it. Some people qualify for student loan relief through bankruptcy if they meet certain criteria.
I understand what you’re going through. I had a similar situation with debts after a difficult time. Bankruptcy may be a good way to get back on your feet without having to carry that heavy burden. Just make sure you understand all the details first.