Can't pay up the loans?

Question

my suspecting my brother is using his credit to loan some money to spend instead of looking for a job. my parents are really stressed out about him cuz hes 27 yrs old and cant take care of himself. they're afraid that they're gonna get involved if anything happens to him when he cant pay up his debt. obviously he would never pay it back cuz he doesnt got no job. my question is that what would happen if he can't pay up the loans? he loaning from angencies, i dont know if they work for the bank. is he gonna be the only one responsible for his stupidity or it will drag my family into it as well. ie: housing

your serious and sophisticated comments are best appriciated. thank you.

i also want to know if it would affect my family. for example, we have housing.

echo, u said he could get sued. But what would they sue for? I mean they cannot squeeze any money outta him cuz hes got nothing. my family is not rich, but at least me n my siblings work hard to take care of ourselves. and my parents have sacraficed enough. he don't even listen to any1 no more. this is embarrassing but yeaa.. what would they sue him for if not jailing him?

Answer 1

If your parents are not involved with any of the loans or credit cards, such as being co-signers or joint account holders with him, they cannot be held responsible for your brothers debts. Hopefully your parents have not co-signed for him or opened joint accounts with him.

Your brother cannot go to jail for a money debt from credit cards, car loans, personal loans, etc., but he can be sued.

Your brother is old enough to be responsible for his own actions.
I hope that your parents will practice in restraint on bailing him out of his money troubles. I know it would be difficult to see your child in financial trouble. But in your brothers case, he is willingly putting himself in that position and needs to learn how to deal with the consequences.

Good luck to you and your family.

++++++++++++++
edited to add

Your brother "cannot" go to jail over credit card debt or bank loan debt !!!!

As far as them suing, even if your brother has nothing now does not mean he won't have something in the future. If they sue now they can wait, time is on their side if they receive a judgment against your brother.

How long a judgment is good depends on your state. A judgment may be good for around 5 years or up to 20 years, depending on the state. Also, many states allow a judgment to be renewed.

So if your brother happens to live in a state where a judgment is good for 20 years and is renewable, it could be possible that he may live with a judgment hanging over his head for most of his life. The judgments will accrue interest over time, so the longer it takes your brother to pay, the judgment amount will continue to rise.

Depending on your states exemption statutes, some states do not allow wage garnishment, bank account seizing, etc. But if your brother decides to buy a home and there is a judgment in place, he may not qualify for a home loan or he may have to pay extremely high interest rates and the mortgage finance company would probably demand he pay the judgment first.

If your brother has a judgment on his credit files, he will have a very difficult time ever receiving credit for pretty much anything.

If this is a regular habit for your brother, I hope your family will stand firm and not dig into their pockets to help. If they do, your brother will not learn and he could easily place the family in the poor house.

If this was because of something else besides just spending sprees, such as poor health, job loss, etc. Than family help, if they could, would be a blessing. But that does not sound like what is happening.

Money has a way of dividing familys and your brother may be angry if your family doesn't help out so he can continue his habit. But your family needs to stand firm.

It's hard to be placed in the position that your brother has placed you and your family. My thoughts and prayers are with all of you.

Answer 2

You cannot handle your brother's finances unless you want to take on the role of parent to a toddler.

He is an adult with mounting consumer debt. He'll either handle it or he won't. His debt, not yours. Not your parents.

Take it from someone with a fiscally irresponsible sibling - giving money to him will be like opening your wallet in front of a black hole.

He will learn.

The interest on those "loans" will be outrageous. Finance charges are what pay for all those "Visa, it's everywhere you want to be" commercials.

You stressing over it won't do anyone any good. Get him a newspaper and circle jobs in the classifieds. Start asking him 3, 4, 5 times a day how the job search is going. Bring home applications from McDonalds.

And watch your stuff so it doesn't end up at the local pawn shop.

Answer 3

I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.

Answer 4

Get your brother to pay his owe debts if not they will take him court then jail

Answer 5

jail buddy.... but hes good as long as he pays the minimum payments