Would You File Bankruptcy?

Due to complications from a very high risk delivery, I got extremely sick after the birth of my daughter. I could not return to work when my 6 weeks of maternity leave was up, so I was released from my job. I ended up being “down” for almost 5 months and it crushed us financially. My husband’s paychecks would be wiped out by the mortgage, car payment, water and power. We relied heavily on credit cards for food, gas, diapers and even formula. The credit card debt added up quickly but we had no other source of help for food or diapers. At the time it was our only option and we do regret it.

I ended up getting another job at a significant pay cut, but less money was better than no money at that point. We soon found that my paychecks were paying daycare and debt only. It became frustrating that even though I was working again - there was no money. After daycare and paying even the minimum on credit cards we were flat broke and stuck in the hole. It didn’t help that 5 months into that job the company decided to close and me - along with others - were let go. I found myself back to square one and unemployed.

Depression got a lot of me. I felt like a failure as a partner and co-provider for our family. I felt like I couldn’t do my part and somehow getting sick was my fault and that if I hadn’t have had a bad delivery we’d still be okay. I blamed a lot of things on myself that were out of my control. During this time I also did a lot of research into consolidation loans, refinancing, etc. but on one income most places wouldn’t touch us due to the debt-to-income ratio. We felt totally stuck.

Eventually my work situation did get better. I found work again but here we are in the never ending pit of me paying for daycare and debt. I still struggle with feeling like I’m failing. The anxiety of choosing between paying a credit card to avoid collections and keeping the lights on is agonizing. Even though we both work decent jobs the debt is drowning us. There are many days where it feels inevitable. We budget for groceries, the mortgage, the car payment, diapers/kid needs, but budgeting the debt has become this never ending wheel. I make any cuts where I can but when the credit card payments are almost as much as the mortgage it’s embarrassing.

WE TAKE FULL RESPONSIBILITY for what happened. We know we should have found another way to feed the family when I was sick. We are not trying to run from our debt. We know we bit off more than we could chew and take full responsibility for it. We really are just desperate to get our lives back and have a fresh start. We want to be able to breathe again and not be broke as soon as the boss hands us a check. We want to learn from our mistakes without struggling to choose between paying a debt or buying the kids new shoes that they need.

So, with all this being said. Would you file bankruptcy if you felt the other debt options didn’t work for you? I am honestly not worried about my credit score. We can work on that with time. I’m more worried about continuing to drown and not get anywhere, so that’s why I’ve come here for advice.