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jose_jara2 | How do I convince someone not to file bankruptcy? |
A friend of mine who drew $18K in credit card debt is debating on filing bankruptcy. He is fully able to repay his debts to his creditors, and fear that he may be putting his future at risk. As many people know bankruptcy and going through with it takes a lot of careful thinking. My buddy is hardheaded and thinks the bankruptcy courts will be open to discharge 100% of everything. Not a bad idea if he owed $350K and in over his head...$18K is workable in my book since he has no real living expenses. Any ideas? |
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OC1999
|
The best way to convince him is to have him talk to 2 or 3 bankruptcy lawyers. They will go over with him his expenses and debts, and explain to him if he truly can pay. Most of the lawyers will give a free consultation so it only cost him time.
The trustee will look at everything, from debts to income. If the courts determined that a person can pay their debts back within 5 years they are converted from a Chapter 7 total liquidation to Chapter 13 bankruptcy where they make payments on a reduced amount of debt. If in a worst case scenario the determine he can pay off the full debt the bankruptcy is dismissed. If he is thinking about lying about some of his income and they find out he will find himself in front of a judge for fraud.
If he can truly pay his debts off and just does not want to then declaring bankruptcy is not what he wants to do. Also, let him know just filing for Bankruputcy gets put on your credit report and is there for 10 years. Even if the court does not discharge his debts or he backs out the original filing is still there and is treated just the same. |
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Irvin
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I had about $17K in credit card debt last year. I was so close to filing for bankruptcy but i did not. Bankruptcy stays on your credit report for 10 years, whereas, bad credit entries stay for 7. What i did with each of the creditor was negotiate them down to a settlement amount which worked for both of us. I ended up paying around $11K altogether. However, this negative entries do stay on my report for 7 years but they are better than bankruptcy which stays for an entire 10 years after you file them. Tell your friend to look into settlements with each of his creditors. Read up on debt settlements and how to do them. By the way, i did not go through any counselor or agencies. I did everything on my own. He may have to pay taxes to IRS on the amount that creditors forgave if its in the excess of $600 per card. Good luck. I would say debt settlements will be his best option since his credit is already messed up. |
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needabuck
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Turn him on to Dave Ramsey (www.daveramsey.com) He's great. Will tell you first hand that bankruptcy isn't the answer. It sure seems like an easy out, but the fact that you will be labeled for the rest of your life when you fill out an application for anything "Have you ever filed bankruptcy" he must check yes, or they are lying. That may well come back to haunt him alone.
People that have called in to Dave's radio show have paid off $50k+ in less than a year. They are willing to make the sacrafices, because they have morals about their debts, and can own up to the mistakes they've made.
Although my suggestion may be just therapy for your friend, I'd suggest having someone who has filed bankruptcy discuss with him the hardships that follow. Perhaps ask the two to dinner or lunch and just bring it up casually, even like Jim, how 's life been since you filed...? (of course let the now bankrupt friend know what you are doing before embarrassing them. :) )
Good Luck, and I hope you can convince you friend to change his mind. You are a good friend for the effort. |
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DLeibowitz
 |
If a person is capable of paying off $18,000 of debt in a bankruptcy case, he may end up doing exactly that through a chapter 13 case. The Bankruptcy Code as amended will consider a person's earning capacity as well as assets in determining whether he is eligible for chapter 7, resulting in a discharge of all debt.
Bankruptcy is a large step. Chapter 7 is available only once every 8 years now.
However, the "means test" will assign an arbitrary amount of living expenses to your friend. And if he is a single person making less than $45,000 or so per year, then he likely could be eligible for chapter 7.
Bankruptcy is a "sledgehammer" approach to debt relief. If your friend can pay back debt over a period of time by paying off highest interest rate debts first, he will be much better off. Credit will be repaired quicker and won't have bankruptcy on his credit record for a period of 10 years.
Anyway, before anyone can file a bankruptcy case, any prospective debtor must take a credit counseling session. This will examine all of the potential debtor's options and inform the potential debtor whether there are any legitimate options. And if a person files a bankruptcy, he must take a financial management course thereafter as a condition to receiving a discharge.
In my opinion and experience, less than $350,000 certainly can be cause for bankruptcy. Depending on the person, $18,000 may or may not be good reason. Good counsel will be a good idea for your friend.
Find one at http://www.abcworld.org |
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my2cents
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The bankruptcy laws were recently changed so I find it quite unlikely that the courts will discharge 100% of his debt especially if he has an income and his living expenses are so low.
Many years ago I was in about $50K in debt and considered bankruptcy. I didn't realize the effects of doing it at the time but I elected to pay it all back so it was a moot point.
In reflection, a bankruptcy would have been devastating to my life. No job, no mortgage, no car, no cell phone, no utilities. Of course in some instances, you can still get these things but it will cost so much more, he might as well have paid off the original $18K debt. Interest rates on high-risk loans on cars and homes can more than double if there is a bankrupcy involved.
More importantly, many employers will pull a credit report for any employee that will have any responsibility (i.e. Almost any job that pays well). A bankruptcy is viewed as irresponsible and will make hiring and promotion difficult. It's hard enough in the work place to get ahead and to be held back because of something this stupid is just ridiculous.
I understand bankruptcy is necessary in some instances but for those that can pay back their debts, I consider it irresponsible and just plain dishonorable. Remember this is coming from someone that was at the same crossroads and worked out of it.
If he won't listen, he just may have to learn the hard way. |
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SPIFIMAN1
 |
He needs to look into working something out with the credit card companies. They will settle for a lot less than 100% of what your friend owes.
Besides, with no more debt than that he would be forced into chapter 13 and have to pay them back anyway. |
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Kenny S
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There is nothing you can do for your friend. Most people try to help and end up more frustrated than the people they are wanting to help. Bankruptcy laws just changed recently and it is more difficult to file. Let your friend try it. I have never filed and I have always had debt of some kind. The best advice is work two or three jobs and pay it off..... good luck! |
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Kris
 |
I dont think you can really help him. Sounds like he has his mind made up. IT was tough to come up with the decision myself. It took me about 3 years to finally say, I have no choice but to file bankruptcy and I am doing so next week. But I have more credit card debt than that thanks to companies not working with me and charging me about 40% interest now due to me having been a good customer and them not believing I fell into hard times due to job loss. I did try debt settlement and it did not work for me either. I was only able to settle a couple accounts. I can not save up the money needed to do the rest. SO I dont think you will be able to help him. Like I said I knew 2 years ago we had a problem when we kept losing hours and pay. Then a year ago I started to try other avenues. This bankruptcy was my last resort. |
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mamalissa
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Bankruptcy can be a very good thing for someone who is heavily in debt, but for $18k, it's too extreme. Tell him that it will ruin his credit for at least two years. He won't be able to buy a roll of toilet paper on credit. It also is unlikely that 100% of his debt will be discharged. The laws have changed dramatically in recent years and the courts are much more mindful of what an applicant can afford to pay himself. You might suggest that he try a debt consolidation loan instead. Or, he could just grow up and pay his bills (but that's not your problem.) Call his momma. |
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