Would bankruptcy be logical in my situation?
I am 100% aware that it is a last resort and usually done in situations much more severe than mine. I have about $22,500 in credit card and medical debt. I’m a stay at home mom now. I have no source of my own income. We have about $600 a month going out for minimum credit card payments and we really can’t afford it anymore. I’m pregnant with my second and am on bed rest, so I can’t go back to a part time job right now. I know that my credit would be a wreck for 10 years, but it already is and we don’t plan to buy a house for a very long time. I’m not married. My fiancé has decent credit and his only debt is his truck payment that we still have another year and a half of paying $520 a month on. Our debt is keeping him in a job that makes him really unhappy (I understand that this is life, but he is getting very discouraged and unmotivated and that makes things even harder). We live far away from family and can’t afford to move until we are out from under our debt. We are currently doing Dave Ramsey’s snowball method of paying off debt, but we can’t afford to pay more than the bare minimum payments on everything lately. My fiancé makes good money, but I had some mental health issues recently and he had to take off a lot of work which put us really behind money wise. We were doing well before this happened. We have sold all of our valuable belongings that we don’t absolutely need to stay alive aside from one tv. We don’t even pay for any streaming services. We are very frugal when it comes to food. This is a rough spot to be in and I don’t know what to do. Just to add, I had very good credit 2 years ago but my fiancé was laid off from work unexpectedly and didn’t find anything for a while. We had to move to a new state for his current job and that’s where all of our debt came from. It’s all in my name which is a good thing I guess so his still has a chance.