How do I convince someone to NOT file for bankruptcy?
My nephew is a young guy who has K in debt – student loans, credit cards. They’ve went to collections and he wants to file for bankruptcy. He has a stable job, makes decent money but is tired of the collector calls.
I told him declaring bankruptcy would only makes things worse for 7-10 years and beyond, but he wants to throw in the towel because of the collector phone calls. I told him that it IS possible to negotiate with them but he doesn’t believe me.
How can I talk him out of filing bankruptcy?
Posted March 7th, 2010 in When To File Bankruptcy. Tagged: 10 years, collections, credit cards, decent money, declaring bankruptcy, filing bankruptcy, nephew, stable job, student loans.
Well, he cannot go bankrupt on his student loans… they will end up garnishing his wages until they’re paid off.
It’s better to call the companies and work out something with them. Bankruptcy is not the best choice for a measly $8k
March 7th, 2010 at 3:31 amDemonstrate your intent by speaking to the bill collectors yourself, and negotiating a monthly payment on his behalf. Good luck.
March 7th, 2010 at 3:31 amonce people make up their mind that this is their only option they usually dont change their minds. 8 k isnt much compared to what I have but for some its too much to handle.
tell him you will help him with the calls.
March 7th, 2010 at 3:31 amtell him look I will call right now in front of you and show you what I am talking about, you got to explain what you mean and show an example.
♥Ǻreχ♥ ♥ρedoßear
March 7th, 2010 at 3:31 am