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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So you make 200K, are about 700K in debt if you get rid of house? And you are still in your 40s. It's very doable. You need to contact your debtors and make payment plans.

You need to stop supporting any child above 18. You cannot afford to do that. the 18+ year olds need to pay their own rent and food. Get rid of house, rent a 1 bedroom apartment.

And you need to divorce your wife if she is not onboard. The time is now. or after thee coronovirus shut down. Get all plan figure out to a T. You can do it.
[/quote]

Agree with a lot of this.  If you're supporting college age children I assume that means you are paying tuition/room and board?  You can't afford to pay that and when you stop that should free up at least $20K per year per kid to throw at your debt.  Tell the children now so they can make any necessary arrangements.  I would probably let them stay in the house if they wanted to because the cost of food and extra utilities is relatively nominal.

You live in a rural area so it's not clear whether the house is expensive or not.  Moving costs money too so if you're talking about moving from a $200K house to a $150K house then it's not really worth it.

Can your wife file for bankruptcy for her debts or are they all joint?

I would get rid of all the credit cards and give your DW cash for groceries if she does the shopping.  Sit down tonight and come up with a list of all of your expenses.  If she won't cooperate pull all of your credit card statements and see where the money is going and begin making drastic cuts.  You make a lot of money so it may take a few years but you can get this under control.[/quote]

Kids have loans an scholarships/grants, I don't pay much.

DW could file but her debt is a drop in the bucket compared to what is in my name.

Credit cards are moot - they're all basically maxed out so we live directly on my paycheck/debit.

I have the financial acumen of a 10 year old.  [/quote]

Based upon your statements that you will not be able to hold your $200K job much longer I would take all possible available spare money (including what you give to the adult children) and put it in assets that are protected from bankruptcy proceedings in your state.  Start planning with your assets now.  For example, retirement accounts are exempt in many states and certain states protect home equity.  Then, when you do lose your job and filing for bankruptcy is no longer an obstacle you will have some protected funds.

You say the credit cards are moot but you still need to get rid of them.  No telling if someone will try to get an increase in the limit or draw on them in some other way.  It may also impress upon your DW the seriousness of the situation.[/quote]

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