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I have a friend that's in bad financial shape. All of his credit cards are maxed, and is getting calls from bill collectors all the time. Even his "ex-wife"'s daughter is getting calls about it. Always pays minimum payments, late on bills, etc. He'd been laid off and on unemployment for most of the year, and now isn't getting enough hours to pay bills. He's months late on many bills, and has had power, electric, cable, trash shut off at one time or another. His cable is getting shut off next week, he's going to have to pay a safety deposit on his electric bill or they'll shut it off, regardless of whether he pays anything off or not. His credit has got to be shot at this point, and I see no way he'll ever get his head above water again going down his current path. At what point is bankruptcy his best option? Also, bonus question: He's separated from his wife, but even though they haven't been together for almost 3 years, they haven't got a divorce yet. While it would have been best to take care of that years ago, is it safe to assume that if he doesn't get divorced from her before he'd declare bankruptcy, that he could screw up things for his ex as well?
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| # ? Nov 08, 2009 00:15 |
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| # ? Nov 20, 2009 23:06 |
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At the very least I hope he's calling the credit card companies and trying to negotiate with them. I would try that before declaring bankruptcy.
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| # ? Nov 08, 2009 00:20 |
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I suggested he do that, although I don't know whether or not he has. I'm pessimistic enough to believe he hasn't, or they won't help him since he's been paying minimums for 5-6 years on some of the cards.
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| # ? Nov 08, 2009 00:33 |
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NecessaryEvil posted:I suggested he do that, although I don't know whether or not he has. Ugh I can't even imagine the money he must be pissing away. That sucks. I hope you can convince him to at least try and call.
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| # ? Nov 08, 2009 00:34 |
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NecessaryEvil posted:
This is major. He's using money he doesn't have to buy stuff he doesn't need. Tell him to claim bankruptcy, the sooner he does it the 7 or 10 year timer for him to do it again will come faster.
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| # ? Nov 08, 2009 04:02 |
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Tell him to tell the bill collectors to submit everything in writing, at least that way he and his family will get a little peace. He needs to sit down with the bank as soon as possible and see if they can do anything for him, otherwise he needs to declare bankruptcy and start digging himself out. And tell him to get his act together, because his financial problems aren't going to disappear unless he changes his ways.
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| # ? Nov 08, 2009 04:29 |
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http://forums.somethingawful.com/sh...hreadid=3169089 This will probably be helpful.
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| # ? Nov 08, 2009 04:37 |
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Fraternite
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Thanks: I figured someone would have asked this earlier on behalf of either themselves or someone else...but I didn't have search.
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| # ? Nov 08, 2009 05:03 |
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Tell him to cancel the loving paytv for a start.
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| # ? Nov 08, 2009 05:21 |
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