My particular situation is a little bit more complex.

Well, I just started to read this blog a few weeks ago and have found many of the discussions vey helpful. However, I feel that my particular situation is a little bit more complex than the normal debtor. I’d like to give a brief synopsis of my situation and request that anyone with any advice they could offer me, would please do so.

First, I’ll give you a summary of my debt situation. I have the following debts:

  1. $76,600 in credit card debt via use of 7 different credit cards
    with 6 diferent creditors. Here is a breakdown of these debts
    (creditor; outstanding balance; account status):
    – GE MONEY BANK / PAYPAL DC; $2600; 150+ days past due
    – BANK OF AMERICA; $6000; Account Charged Off
    – CHASE BANK; $38500; Account Charged Off
    – CHASE BANK; $13000; Acount Charged Off
    – CITIBANK; $2500; Account Charged Off
    – FIA CSNA / MERRYL LYNCH; $11000; Account Charged Off
    – WASHINGTON MUTUAL / PROVIDIAN; $3000; Account Charged Off
  2. Truck loan with an outstanding balance of $9600. I have remained current on these payments. My father co-signed on this secured loan usinghis home as collateral. My truck is valued at approximately the outstanding balance of $9600.
  3. A loan from my father in the amount of $3500.
  4. I owe my girlfriend $1500.
  5. I incurred $1500 in medical bills last month.

Secondly, here is a breakdown of my current financial situation:

  1. I currently have a salary of $62,000 per year.
  2. I have $100 cash on hand and $400 in my checking account. I do not have any money in my savings account.
  3. I do not own a home, nor am I currently renting. I’m living at a friends house temporarily.
  4. I have no assets of any value.

Here is what happened. I moved a year and a half ago. I got depressed and began gambling, which turned into a coping mechanism for me, and eventually turned me into a pathological gambler. All of my debt can be linked to gambling. I lost my job last December and took a new job in January in my hometown in hopes to get my life together.

I’m currently getting much neeed help for my gambling and feel that I’m gaining control over it. I feel that the only way for me to have a chance of fully recovering from this situation is by first taking care of my financial situation. I have no way of meeting the demands of my creditors currently and am fearful of a lawsuit being brought against me. I do not know what to do. I am about to get an apartment in which I will have to buy all furniture and appliances, as I currently have nothing. I’m also looking into seeking psychiatric help for my numerous behavioral health problems as well as seeking financial counseling.

Does anyone have any thoughts on how I should handle this? I’m beginning to get numerous calls from collection agencies on a daily basis. My accounts that have been charged off were charged off within the last 1 or 2 months. The collection agencies that have been calling include I.C SYSTEMS, NCO FINANCIAL, ALLIANCE ONE, HANNA FREDERICK J & ASSOCIATES – ATTORNEY AT LAW, ENCORE RECEIVABLES MANAGEMENT, and a few others.