Been awhile since I've checked in. Things are getting a lot better and a lot worse. It's the oddest existence. On the one hand, I finally have some income. I am involved in a consulting project that has been extended another couple of months and there is a possibility that, if this next phase goes well, that there might be an additional extension and, if everything goes great, there is even the possibility that we might be able to build a software product, which could serve as the basis for an ongoing business. So, I am grateful that my financial situation in terms of income has, at least, for the short-term taken a turn for the better.

The challenge is that there are no guarantees the project will be extended, so I am still living in a state of uncertainty. The worst part though is that we are still under significant debt and without insight into my mid/long-term income possibilities, it's challenging to figure out how to best navigate through this mess.

We were considering filing bankruptcy but have at least for the time being, decided to try to negotiate debt settlement with the credit card companies with the hope that we can work out lump-sum settlements at a fraction of the debt. We have hired a bankruptcy attorney to help with this. We eventually want to try to negotiate a loan modification but if we are not able to do so, there is the possibility that we may no longer be able to afford our home and might have to lose it.

I wish there were a clear cut answer and that all involved parties would cooperate but that it is too much to expect. The credit card companies have a right to try to get paid and they are calling incessantly to try to collect and some are making serious threats. We are working with experts and I try to stay informed through other debt-related online forums I belong to that have been great sources of information/inspiration.

I am trying to keep an even keel. I came across a piece of advice from a guy who was successful at negotiating his debt about how to stay positive as you go through a period of financial stress. He suggested that one shouldn't tie their identity to their bank account. Your character is not defined by have may zeros are next to your name. It's not defined by your credit score. To me it's about helping others. I just got involved with a non-profit that helps lower-income kids. I almost decided not to get involved because I wanted to wait until my financial/work life was a bit more in order. I also questioned my value as a role model given my current financial situation. I finally decided that all this didn't matter and, if anything, dealing with adversity was part of the lessons I could pass forward.

He also advised not to put your life on hold, so my wife and I are starting to do some fun things together that don't cost a lot of money. A couple of weekends ago, we went on a hike in park not too far from where we live, then went and had lunch at an ethnic restaurant and then went to the public library for a couple of hours. We have cut down on food expenses, especially during the week and then treat ourselves to either a dinner or a lunch/brunch at an inexpensive restaurant during the weekend.

Our goal this year is to get out of credit card debt and for me to get back on my feet in terms of income. Will keep you posted on the journey