Monday, January 11th, 2010
What can I do to help my sister with her credit problem?
x_y_z_012 asked:
My sister owes about altogether $32,000. She has gotten credit counceling through American Consumer Credit Counseling (ACCC) and she owes $23,000when they consalidated 3 credit cards. She owes a bank loan of $2,000. She owes another credit card $2300, She owes Sears $3200 and Mervyns $700. My dad’s offered to put all of it on his credit card but I am afraid she will never be able to pay that amount. She makes $23,000 a year and claims she cant find another higher paying job. Can she file for bankruptcy and if she does, what exactly does he need to do?
My sister owes about altogether $32,000. She has gotten credit counceling through American Consumer Credit Counseling (ACCC) and she owes $23,000when they consalidated 3 credit cards. She owes a bank loan of $2,000. She owes another credit card $2300, She owes Sears $3200 and Mervyns $700. My dad’s offered to put all of it on his credit card but I am afraid she will never be able to pay that amount. She makes $23,000 a year and claims she cant find another higher paying job. Can she file for bankruptcy and if she does, what exactly does he need to do?
January 12th, 2010 at 9:13 pm
first off, don’t help her. If you do she will repeat the actions that lead her here because she will feel she has you to bail her out.
second, she should try to pay off her debt before she just throws up her hands and declares bankruptcy. It will take years to pay it off but she ran up the bills, no one else. If she does declare bankruptcy, then for the next ten years she can’t do anything financially. Like get house, buy a car, rent a place, or get another credit card. It is very extreme!
Third, if she does decide to , she needs to hire a bankruptcy lawyer. She will have to pay them, up front, a fee. The lawyer will file the paperwork and then it goes to court.