My brother lost his job 3 months ago. His credit cards are maxed out and the creditors are calling him non stop. He tells me he has about $18,000 in debit and wants to file bankruptcy. Is there any other way to get financial help when you have had a hardship?
2006-12-21 05:56:00 · 6 answers · asked by penny 1 in Business & Finance ➔ Other - Business & Finance
bankruptcy is not as bad as you think, it can really help, with the new law chages he might even qualify for ch 7, look into it, they can work out payment plan for him
2006-12-21 05:59:53 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Freeze his credit cards, literally..in a block of ice...tell him not to file for bankrupcy because if he's between age 18-50 (I bet he is) and he EVER buys a home, he will pay A LOT more than 18K in extra interest.
Read my link...that guy has problems...
" I have more than $200,000 in credit card debts; I don't think I will make it. What will happen if I don't file for bankruptcy and just stop paying? I don't have any assets and my business went bad. What do you think? "
And the answer to that question is even leaning towards "NO!" $18,000 is a drop in the bucket compared to the potential future downside. I'd love $18,000, and it is a lot of money, but filing for bankrupcy to get away from it is just not the right answer.
2006-12-21 14:02:34 · answer #2 · answered by Blicka 4 · 0⤊ 0⤋
Nobody will give him money to repay his bills.
If he has equity in a house he might qualify for a refi or second mortgage. He even might qualify for an unsecured debt consolidation loan. However, if his credit is very bad, the cost will probably be prohibitive.
Bankruptcy might be the only real option. It will stop the harrassment and provide much needed psychological relief.
Anyway, you need to go through credit counseling before you can file for bankruptcy. If he finds a good counselor, he will find out if there are any other options available to him.
2006-12-21 14:05:00 · answer #3 · answered by jbowler 3 · 1⤊ 0⤋
Look in the yellow pages and find a bankruptcy lawyer near you.
Meet with the lawyer and be totally honest. The lawyer will help you decide what your best options truly are.
Credit companies can be unscrupulous and cause you further financial pain.
I am pro-bankruptcy because it is a tool to help the people who need it the most.. the hopelessly financial depressed.
2006-12-22 04:33:59 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Go to www.impactnetworth.com. Seriously, just look at the website for a little bit, that's what they do!! Hit me with an email if you need further instruction, I have used them from $19,900 in CC debt!!
2006-12-21 14:08:34 · answer #5 · answered by Ryan M 1 · 0⤊ 0⤋
There are companies who will pay your bills for you. They are called credit councelors.
2006-12-21 13:58:32 · answer #6 · answered by Kris 1 · 0⤊ 0⤋