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How do I dig myself out of financial ruin?

Asked by: 1032 views

Need help figuring this out. Here’s the basics: 5 year custody battle over my son. I won, x-wife has left the state. Great, here’s the bad news: Lost everything paying lawyers, live with parents with my son, credit is destroyed, over 200 job applications out (in the last 45 days alone ), no responses, called like a maniac, again, no luck there.

I’m in over $100,000 in student loans, credit cards, IRS, other debt. I own a ten year old propane grill? That’s it. How do I dig myself out of that one?

I have an IRS levy on my account for $3K. I get up every day, get my son off to school and then look for work. I know that this is the definition of insanity as trying the same thing over and over again with failure is indeed insane. Anyone else out there like this? Any new ideas other than “get a job?”

Let me expand. No, I’m not some lazy bum, they do not look for work. No, I’m not some ex-con. I won a custody battle, you think the courts would side with me if that was the case?

I no longer believe that I am employable due to my destroyed credit, levied account and parenting schedule. Far as I can tell, do something ( legal ) that makes money such as building my own online business. Let’s see, I’m x-army infantry so I’m really good at blowing up things…great.

If I’m beyond repair I would appreciate someone giving it to me straight so I can quit wasting my time filling out applications. Even worse, all my married friends with pieces of paper that say they are smart have been losing their jobs as well. I’m one of those people that can do anything (I’ve flown helicopters, driven tanks, restored vehicles, put together computers, ran events with 100+ patrons, and a long list of other skills. I want to work! I’m not an invalid!

I’m looking for honest work that actually pays enough to live on my own and take care of my son. Honestly, I think I’m simply screwed and will end up living with the parents forever due to the huge debt I have.

Sincerely,

Financially Destroyed

1 Answers



  • +1 Votes Thumb up 1 Thumb down 0

    Pinyo on May 30, 2010

    Financially Destroyed,

    Wow, this is a really tough one and I am sorry about your predicament. Let’s tackle one thing at a time.

    Unemployment / Job Search

    Don’t blame yourself about not able to get a job. It’s really really tough right now with double digit unemployment rate. There are a bunch of overqualified people competing for the same job.

    I consulted with Alison Doyle at About.com Job Searching regarding your situation. She suggests that you call your Alma mater and see if they have Career Services for alumni. You may also want to check out her job search forums as well.

    You also mentioned that you’re an ex-army infantry, does the Army provide any type of support with job placement? Perhaps that’s another route you can explore.

    While you’re looking for a job, you may also want to explore alternative income ideas — i.e., make money online, take up odd jobs, etc. Basically anything to help bring in some income. Here are some alternative income ideas and resources that you can start with.

    Debt / Credit

    I think you need someone to sit down with you and go through your finances. You may want to check Steve Rhode’s website GetOutOfDebt.org. He specializes in helping people get out of debt and usually provide personalized help.

    You can also check out National Foundation for Credit Counseling at NFCC.org. I believe Liz Pulliam recommends them to her followers and there is a good interview with the NFCC that you can read and learn more about them. Of course, you can also consult with Liz through her blog as well.

    I hope this helps you move in the right direction. If you have any more questions, please feel free to leave them here.


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