But faced with the prospect of new bankruptcy rules - approved by the Senate late yesterday in a 74-to-25 vote - that would make it harder for someone in his situation to erase debts, Mr. Haynes met with a lawyer last night to consider a bankruptcy filing.
The rules would make it harder for individuals to walk away from their obligations if they can pay off at least some of their credit card bills or other debts.
"I will be sending out letters to clients saying if you have relatives or friends who are struggling, tell them not to wait," said Norma Hammes, a consumer bankruptcy lawyer in San Jose, Calif.
Supporters of the legislation, which include credit unions, banks and retailers, say that the tougher qualifying rules will curb abusive bankruptcy filings.
The new legislation would make it difficult for individuals to file for Chapter 7 if their household income is greater than the median for their state.
As a result, more individuals are expected to file for Chapter 13, which under the new law will require debtors to pay off at least a portion of their debts over at least five years, making it more difficult to get a fresh start.
Some 3.5 percent of creditors who filed for Chapter 7 would be forced to shift their case to a Chapter 13 filing based on the new income standards imposed by the bill, according to a 1998 study sponsored by the American Bankruptcy Institute, a research group.
To qualify for Chapter 7, an individual's income would have to be less than his state's median household income.
An older car that works fine but is already paid off, he said, does not qualify.