Hi Terry,
I’m wondering if I need life insurance. Many years ago, I let my policy lapse because I was not gainfully employed and was in serious debt. At 47, I’m wondering would it be wise to seek a new policy and if so, how do I choose a policy and a company?

Last year, I filed bankruptcy which wiped away everything accept my student loans. Now, it hadn’t been quite a year and I have nearly 5000. In cc debt. Should I cash out my new 401k plan which has about 7000. and just start over? I am a renter with no other external expenses outside of utilities

Thanks in advance

Terry Says:  Wait, your biggest problem isn’t life insurance.  In fact, you don’t need any if you have no one depending on you.  Your REAL problem is that even after bankruptcy you still don’t have a handle on your finances!  How could you amass another $5,000 in credit card debt in one year after bankruptcy?  You need some help getting your financial life organized, and I know just the place:  the National Foundation for Credit Counseling.  Immediately call them at 800-388-2227.  That will put you in touch with the nearest local office.  Go in for a meeting — bringing all your current info. The will help you organize your income and spending.  Most likely the solution will be to figure out how you can earn more money!    You have been given a once-in-a-lifetime (well once in every 10 years) opportunity to start over.  Don’t go down the same wrong track!