Husband just lost his business as a home builder of 15 years

Dear Bo,
I have a question I could not find the answer to on your website!
My husband just lost his business as a home builder of 15 years. I am a homemaker and obviously do not have an income.
We only have a couple months left of funds to pay our bills other than borrowing from family unless my husbands finds something soon.
What do you suggest we do with our credit card debt. We owe $20,000 on them and some of that is from the last two months without income. I feel like just not paying theme anymore. Bankruptcy may be in our future.
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there is no good answer for that I am afraid
you should call them though and explain.
if the interest is high you might qualify for a lower interest rate and thus payment schedule
but
if ultimately you have no income.
then you will not be able to pay anything and BK would be best
it is important to file a bk before you get to 90 days late and they start collections at which point they can start to get assets.
consult a reputable lawyer and probably a local banker for the true answer that fits you

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Thanks so much!  We have consulted a bankruptcy attorney a month ago who gave us the needed answers regarding bankruptcy.  But wanted to find out if we didn’t have to file, what you would recommend!

You were great!  May have more questions later!
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if all you owe is 20000 then bk is not an option
im sure there is way more to this story though
if you have a house a credit card company can file legal claimes after 90 days and go for judgment
at judgment if you loose you can have wages garnished and leins placed on your property
 
sometimes this goes to collections and legal authorization to collect gets tangled up and cannot be claimed in a court of law.
I’m not sure that i would wish to try that though
many people do do default bk where they do not formally file and just let things go
this might be a good option if 20 grand is all your worried about