My son is currently in treatment and rehab for prescription drug use for 60 days as an inpatient then up to 12 months in a transitional living setting. He is trying to get disability but that has not been approved yet.
Because his treatment and rehab are full time and he is restricted to 30 minutes of phone or internet time per day he has been unable to get proper advice how to take care of his bills. He has almost $15,000 dollars in unsecured outstanding loans divided between two bank loans and a credit card. He basically owns nothing but his truck. Unfortunately he will be unable to work for a few more months and unsure what that work or income will be. We have bailed him out in the past but do not want to enable or be codependents in this matter. He asked us to find some information for him due to his limited access. Should he consider bankruptcy? If so which one? If not what path should he pursue considering he has no clue when he will be gainfully employed again.
By signing up a debt counseling session, your provided details (Name, Email ID and Phone No.) will be forwarded to the company advertising on the DebtCC. However, you have no obligation to use their services.
Some creditors and collection agencies refuse to lower the payoff amount, interest rate, and fees owed by the consumer.
Creditors/collection agencies can make collection calls and file lawsuits against the consumers represented by the debt relief companies.
Debt relief services may have a negative impact on the consumer's creditworthiness and his overall debt amount may increase due to the accumulation of extra fees.
The amount which the consumer saves with the use of debt relief services can be regarded as taxable income.