We have been laid off for 2 year lost are home to

We have been laid off for 2 year lost are home to a forclosure. We have about 40,000 in debt. all savings and 401 gone I"m make the minium payment but we will never see the end of this problem. What would you sugguest?

2 Answers

Bankruptcy.  Talk to a local attorney.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

You need a job first. Try to get a job asap. You can even work part-time also. You should not have touched your 401(k) funds.  

Once you get a job, you can enroll into a debt consolidation program to pay off your unsecured debts. In a debt consolidation program, the counselors will negotiate with your lenders and try to reduce the interest rates. They will arrange an easy repayment plan for you too. 


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