Is it "just OK" to declare Bankrupcy?
I would like some advice from you here that most seem to be in worse problems than my son.
My son owes ~$9800 on a credit card and has been late multiple times - but ever more than 2 months late.
He lives here at home and has no bills at all - and except for lately has been making about $400 / week. I would think even now he is guaranteed about at least $200 / week for the remainder of this year.
He is an immigrant - from the old Soviet - and really has no ideas at all how to manage his money - so this is the first problem. He should never have had the ability to get such a credit line - but I myself (his step-father) am not much a believer in the "poor victim theory" - I am more a believer in the "you dig your own grave theory".
He has been talking to his friends in the "chat groups" and they are all telling him that to declare bankruptcy is some "magic" way out of his debt.
I myself feel like that such would completely RUIN his chances for credit in the future, and that this credit reference would also propagate (follow him) back to Europe, should he decide to "throw in the towel" and retreat there.
Further - it would seem to me that if he is less than $10k in debt - he could recover in less than a year with proper budgeting - even at %33 interest on his balance.
I would think it would be better for him - in the long run - to simply pay what he owes.
I would invite the thoughts of those here.
Yup....tell him to get a second job and get it paid off asap. F
Yup....tell him to get a second job and get it paid off asap. Filing BK on $10k is just insane.
Soaplady, Thanks - though getting a second job - or even a fi
Soaplady,
Thanks - though getting a second job - or even a first job - is not so easy these days.
Anyway - he has ZERO bills - so should be able to pay this off if he stops pffting his money away.
This is for a BOA credit card - I think I will call them to be assured that if he does - indeed - pay off his debt - he would end up with a "paid as agreed" on his credit report.
I agree with Soaplady - he needs to pay this stuff off if all he
I agree with Soaplady - he needs to pay this stuff off if all he has is $10,000 worth of debt.
Having a few lates on his credit report, followed by a "paid as agreed" and then the accounts showing as paid off would look MUCH better than a bankruptcy.
that low of an amount isn't worth filing-has he tried to settle
that low of an amount isn't worth filing-has he tried to settle the debt? bankruptcy is a permanent solutiion to a temporary problem-as filing myself on $150,000 of medical debt 7 yrs ago I know how hard it is to get credit again..at a descent interest rate is still impossible..i strongly agree with soap & suebeehoney70..help him seek other options..much better in the long run
Thank you all for your advice. I thought to ask those whom migh
Thank you all for your advice. I thought to ask those whom might be "up against the wall".
I see from reading here that many are - and my heart goes out to you because I myself was once "there" I managed to claw my way back - and I hope you all can too.
I myself did that by simply "doing without" - for three very long years - to pay everything off - this was in the early 90's. I did not use any of these "debt services".
I wish you all good luck and God Bless.