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Bankrupsyis the solution for him.he is young and he is youg enigh to recover form it in some eyars. but remmeebr thathe has to live seven years andf then his credit will have to be reestablished it does get to high level automatically. That will mean some years after at high interest rates compared t good credit. But he likely never really estblished good credit i the first place. he needs to realise now important this is i the future to save alot of money on inetrest or i mnay case now even qaultify for such things as auto manufacturers very low rates. Alot of people are finding they do not qualify now for those advertised rates ;"for well qualified buyers".Now going forward not only good credit at higher levels but debt to income will be more important.
texdav, I know I'm not the first person on any forum to beg you to stop texting and please write out what you say. The little I can decipher shows me that you have a lot to say and contribute and I'm sure I'm not alone in wishing I could read your posts.
Had he not gone to the hospital, he would've died. I am having a hard time with the fact he is only 20 and looking at bankruptcy. There has to be some other way.
but but but we don't need healthcare reform.
I'd look into the bankruptcy option. It's not like he's going to be buying a house any time soon. Also, he can move towns. If he's in a rut, having him move in wouldn't be a bad thing.
Nobody has mentioned the first step, which is asking the debt collectors to validate the debts. If they don't have the right paperwork, they have no right to collect and won't be able to garnish his wages.
its a great motivator to actually save up and pay cash. That'll save you boatloads in interest.
Yes, it's truly a great motivator to save and pay in cash. It's all about creating a proper budget, and that we can do if we're able to identify expenses that we may actually do without. With the debt volume our interest rate a re bound to fall.
Nobody has mentioned the first step, which is asking the debt collectors to validate the debts. If they don't have the right paperwork, they have no right to collect and won't be able to garnish his wages.
Unfortunately you have to do that within 30 days of their dunning letter for it to have any teeth. That time has probably already passed.
Well crap. Unfortunately they can garnish wages in Montana. Do you know how much he makes per week?
We sat down and wrote everything out-what bills he has every month what bills he has every three months ect.... After rent, insulin/durable medical supplies for his insulin pump, utilities, gas, food and car insurance, he has less than $50 left at the end of the month. If anything happens like car needs fixing, he has to save for at least two months. The bankruptcy attorney said he has a better than good shot based on all the bills are medical and he has no extra income at the end of the month. Looking good so far-I want to thank everyone for the help
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