Dear Prudence

From the South Oregon Mail Tribune: Daunting debt leaves 50-year-old with few good options.

DEAR BRUCE: I have been married for 30 years, and I'm 50 years old. I have done some major damage to my credit. I have borrowed against everything. I have refinanced my home, borrowing against my 401(k). Our home is worth $150,000, and we owe $135,000. I owe my 401(k) more than $20,000, and I have $20,000 in credit-card debt. I have been trying to reduce my debt, but it just seems daunting. Where do I go from here? I don't want to go bankrupt, but I'm just crushed. On top of everything, the company I work for is in financial trouble. — F.C.

This is the answer they gave:

DEAR F.C.: You do have a ton of problems here. While you say you don't want to go bankrupt, technically, you are bankrupt — you owe more than you are worth. First, you need to get out of debt. You didn't mention how much you earn, but you are probably so far in hock at your age, it would be difficult, if not impossible, to get out. You might also want to find a part-time job to help pay down the debt.

The EE will provide a translation:

DEAR F.C: You're bankrupt hence you are fucked. At your age, there are few options left. Consider borrowing a garage and a running motor. Be sure to put that last bottle of whisky on your credit card.