I was left with $20k in debt from my husband after he fled – experts say ‘basic math’ will eliminate my problem

A WOMAN has been given one simple piece of advice that could help her get rid of her growing debt.

Betsy’s husband of 15 years unexpectedly walked out and her financial situation has been spiralling ever since.

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She called into The Ramsey Show , a radio program, to ask experts for help.

Betsy, 58, from Portland, Maine, explained that she had been spending money to fill the void after her husband left.

She told podcast hosts Dr. John Delony and George Kamel that she has been “trying to fill that hole” since her partner walked out two years ago.

“So I’m in $20k debt now,” Betsy said.

“I don’t know where to begin.”

Betsy explained that she works 60-hour weeks and is on a salary of $67,000.

She hopes to alleviate her debt as soon as possible so she can start saving to buy a house.

“My dream is really to own a home someday before it’s too late,” she said.

Betsy’s husbands stopped paying the bills as soon as he left her and this, combined with her grief spending, has pushed her into $20,000 worth of debt.

“It was so out of his [her husband’s] character, he did a 180,” Betsy explained.

“I never, ever saw it coming. It was such a shock, I wasn’t prepared.”

“Had I thought he was like that I should have been squirreling away money for 15 years,” Betsy told Deolony and Kamel.

Most of Betsy’s debt is from credit card bills, as well as a small loan.

The Ramsey Show hosts told Betsy the simple solution she should use to alleviate her debt.

“I can tell you how Betsy can get out of this debt and move on with her life,” Kamel said.

How does bankruptcy work?

Bankruptcy is a specific legal process that helps companies eliminate debt they can't repay.

The process allows businesses to start fresh and gain access to new credit.

Supervised by federal courts, bankruptcies allow a company to sell off its assets more easily to pay off creditors, according to Investopedia .

Chapter 11, a common process for companies, is used to restructure a business with the goal of remaining open – even if it means selling off most of the company’s properties.

Chapter 7, on the other hand, sells all of a company’s assets, putting it out of business.

Chapter 15, alternatively, allows for collaboration between American and foreign courts to conduct bankruptcy proceedings with “parties of interest involving more than one country,” per the United States Courts .

He advised her to focus on getting rid of her debt before she began investing in her 401 (k).

The trio discussed Betsy’s finances and after removing her rent and bill payments, they discovered she had around $2,000 extra a month to put towards her debt payments.

“Think about that, basic math, $2,000 for ten months is $20,000,” Kamel said.

“You’re gonna be debt-free within a year.”

This information seemed to be welcome news to Betsy.

“Oh that makes me feel a little better,” she said.

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