Because what you’re saying conflicts with some reading I’ve done on the subject, but you’re pretty confident in what you’re saying and it’s very possible that my info is outdated. I thought that a bankruptcy was a big black spot on your credit for 9 years, which apparently is incorrect.
Plus I’m hoping that he hasn’t reached the point where his only 2 options are losing everything and moving home or bankruptcy.
This is based on speculation, but if he might be able to change his lifestyle and free up some cash. Learn how to live cheap.
Stop spending money at bars.
Don’t go out to eat.
Stop buying useless shit, ie Car mods.
Stop the $4 starbucks trips.
I know it sounds bad, but if you really cut down your spending you can save a lot or in your friends case pay off a lot.
Maybe he can pick up a second job, I mean he is not in that much debt. But I also dont know what his living expenses are
well he could
*take on room mates
*nix the new car
*do NOTHING for the next 2 years (and i mean nothing)
*use every single penny to pay debt. starting with the smallest and working his way up
*second job
it took me 2.5 years to clear up about as much debt, and that was letting shit go into collection so i could negotiate with them. it ruined my credit for about 6 years. i should have filed bankruptcy, but at the time i was also too stupid to listen to logic.
stupid BMW had me go from what would have been 0 credit card debt, into a massive credit card debt though. It’s probably going to take me a year or so to pay it off, but… meh. it happens.
You better have a really good reason to file BK now, new laws, no more scumbags allowed to just file after racking up 1000’s in debt.
They will deny you if they think you can pay any of it back.
[quote=“93dx–hatch,post:22,topic:27054"”]
This is based on speculation, but if he might be able to change his lifestyle and free up some cash. Learn how to live cheap.
Stop spending money at bars.
Don’t go out to eat.
Stop buying useless shit, ie Car mods.
Stop the $4 starbucks trips.
I know it sounds bad, but if you really cut down your spending you can save a lot or in your friends case pay off a lot.
Maybe he can pick up a second job, I mean he is not in that much debt. But I also dont know what his living expenses are
[/quote]
speaking from personal experience? lol
There are a lot of varying opinions here. The main points to take from it, in my opinion are:
1.) he needs to straighten his shit out, including selling crap and living ‘poor’ till he can learn to manage his own money.
2.) bankruptcy can leave you better off than you may think. the stigmas associated with it are not always justified, and filing can be a wiser alternative than fighting for years trying to correct your credit. one would really need to weigh the alternatives first though.
3.) it’s true that many new laws have been instated regarding the allowance of one filing for bankruptcy, so it’s not as easy as it was before. also with these new rules and regulations, some loans will stay with you, regardless if you file, so declaring bankruptcy may not magically remove your debt… but still would leave you with the judgment on your report for so many years
[quote=“boardjnky4,post:27,topic:27054"”]
speaking from personal experience? lol
[/quote]
Yes, I used to spend way too much money in bars. $300 a week really puts a dent in your wallet