some problems with Student Debt, needing help

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Q. I am in a world of trouble. After graduating from professional school (Chiropractic), my life took some ugly turns and I turned to some bad things, and became increasingly depressed and neurotic. I have not become licensed to practice. In all this time I have simply ignored all the inquiries by the loan people, save a consolidation (and missed one small-ish loan from the college), and the collections people are claiming over $230,000! 6 years post-graduation - yes, I haven't paid on this debt in all that time, except for the tax return confiscations I am working in a dead-end job, making $30,000 with no benefits whatsoever. My cost of living is about $1500 per month. I don't know where to start. At age 44, I am certain I will never be able to repay this amount, and am uncertain about my future. I need psychological counseling, which I've avoided due to lack of money. I have no health insurance. I have no assets. I cannot afford legal help. I want to have a life. I want to know I can negotiate this debt to some reasonable level that I'll be able to manage and hopefully, someday, even get a mortgage and build retirement funds. I don't need to tell you that I won't likely be able to find a companion who'll be willing to take on a person with this kind of debt and questionable future prospects. My love of 12 years (never married her) has left me to find a husband to make a family (guess why!). I know all this emotional/psychological stuff doesn't belong here, but I feel it necessary to describe my situation, and the hurdles I'm facing. I am in the Chicagoland area (live in DuPage county, work in Cook). Please help. Any links to charitable organizations would be welcome. Any and all help will be greatly appreciated

A. The US federal laws has a provision for people who take an honest shot at building a business, trying a new career, or just have something bad happen to them. It is called bankruptcy. While this does mess up your credit (which is already toasted), and there is a little stigma attached to it (sounds like you already have pleanty of stigma), it does give you a chance to make a fresh start. Find a bankruptcy lawyer and get it done with. They advertise on TV and in the TV guide section of your newspaper. The fact of the matter is that even if you were to pay 50% of your income, it would take 15 years to pay what you owe today. If interst is accumulating on this debt, you will never catch up. There is no sense in spending the rest of your life in this debt hell hole, so make a break for it and do the bankruptcy dance. Your psychological stuff is something that you choose to do on your own. Each day, you wake up, and you make a choice as to what your attitude will be. In your case, you are caught in a cycle where you make a negative choice on your daily attitude. You have done it so long that you have made it into a habbit. You need to learn to correct this behavior, and to break the habbit, creating a new habbit of a positive attitude. You don't need to spend big money doing this. I am sure that they have libraries in Chicago. Go check out books in the self help area. One good author to check out is Zig Ziglar. There are many others. These libraries often have librarians who can help you find the books that you need.

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