Friend asking for help with bankruptcy

Date: Thu, 05/18/2006 - 15:45

Submitted by anonymous
on Thu, 05/18/2006 - 15:45

Posts: 202330 Credits: [Donate]

Total Replies: 5

Someone I know is unable to pay off her monthly bills, and she is thinking of filing for bankruptcy. Now, she is only 24, the father left her with 2 kids (She can;t find him, so gets not money from him) and she has a student loan.

What are her options?

I am 2nd year finance major so she asked me, but I am unable to find a solution. Even though I have my own debt site;

It's not helping much.

What do you think? Can she maybr apply to get some of her student loan taken off?

Thanks for any advice,
-K

Link deleted as per forum rules - Mike

Hi kastroRequest your friend to consider some more options b

Hi kastro

Request your friend to consider some more options before she intends to file for bankruptcy. If she can afford a minimum payment each month, consolidation will be the best option. Would you mind telling us the total amount of debt she has? The reason for this is that if she has a huge debt, she can consider a settlement program also.

Among the various debt management programs, I will rate consolidation the most and bankruptcy the least. But if her prime concern is to fix the credit file, bankruptcy should not be considered at this point.

Help her in making the choices after doing a thorough comparison on all the debt management programs.

Besides, ask her to do a free sign up here. A consultant will call back for a free counseling.

lrhall41

Submitted by john on Thu, 05/18/2006 - 16:31

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Thanks

John: Thank you for the reply!

I am not too sure of her current debt level, I know it is quite bad for a 24 year old.

I have told her to consider consolidation, but she said with the current level of debt she has, it would still be too much for her.

Low income, 2 kids, no father...Pretty tough!

Thanks again for the advice John. I will let you know what I find out tomorrow.
-Kastro

lrhall41

Submitted by on Thu, 05/18/2006 - 17:03

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Kastro I can feel for your friend. The counselor will offer

Kastro

I can feel for your friend. The counselor will offer various payment plans in the program. She can pick the best one suitable to her present needs. Unfortunately, she has lots of things to take care of but get rid of these debts is also equally important. Besides, filing bankruptcy is not that much easier these days and it is a costly affair.

No matter the option she chooses, her payment history will be the most important factor in front of her future lenders.

lrhall41

Submitted by john on Thu, 05/18/2006 - 17:53

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Kastro Has your friend gone to court yet to get an order for

Kastro

Has your friend gone to court yet to get an order for child support. If she needs help tracking him down let me know, I have friends that can skiptrace for him.

It burns my butt to see a family suffer because somebody won't take care of their responsibilities.

Lefty

lrhall41

Submitted by lefty832 on Fri, 05/19/2006 - 07:04

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Hey

John, thank you for the help!

Lefty, I have asked her, and told her I would do it my self, because it BUGS the hell out of me! But, he was a very violent person, and she would rather him be out of his life than to get money form him.

I still think she should do it though, maybe I can convince her somehow.

Thanks, get back to me!
-Kastro

lrhall41

Submitted by on Fri, 05/19/2006 - 09:23

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