I need help guys (question)

[martinezsam2495]

Well the TV is one of the issues, another family member borrowed money from him, and got a car. But is unable to keep with the payments on a car, to top it off, got in accident with a car, still owes 8,000 and since the car is crashed, (fixed already) the max someone offers is 4,000, which basically means they get the car for free, and they still have to pay 4,000. I really don't want him to file bankruptcy, but it's hard... Older adults don't think young people have much knowledge of the real world... I know this is in a way true, but I'm putting in my time to try to understand it and give advice...

[RoccoRock]

My wife and I declared bankruptcy several years ago. We tried debt consolation, but we were in far too big of a hole. We did chapter 7. We could kept both cars, but decided to only keep one and get rid of one payment. We could have kept our house, but we wanted to move out of state, and our house was worth less than we owed, so that was the best way.

Someone said you can't buy a new car, that's not true. you can go buy a car the day you are dismissed. Now the interest rate may be a little high, but they won't dent you. Everything else takes about 7 years to clear up. I would recommend not doing it if you have the option, but if you have to it's not the end of the world.

[martinezsam2495]

thanks everyone it's much appreciated

[i2icustom]

I work for a credit union and its as simple as this: last resort only. Look into debt consolodation (which will hurt the credit) and stuff like that. There are far fewer lenders who will help someone re-establish credit these days.

Its very long term. Its also very personal. Make sure you offer all the emotional support you can. Things like this can lead people into deep depression. Suicide happens on occasion. Make sure you keep things private, but offer every last bit of support you can.

Sadly this is an all too common problem these days.