Friend has general bk questions

[AMISLANDER]

I have a friend who will be seeing an attorney tomorrow regarding filing bankruptcy.

She has a 2003 Ford Focus that she still owes $4,500 on, which she hasn't made payments on in a while. The loan is in both her & her mom's name. It needs a new engine and some other work that she says is another $5K and the total of the work needed obviously is more than the value of the car at this time.

I think she has old medical bills & utility bills, possible credit cards as well.

She also has student loans, of how much, I don't know, but I told her, I did not think those are dischargeable?

[Minnymouth]

Okay, the auto in both her's and her mom's name...... if they can't get the money from her - they'll go to her mom next....

Most student loans are not dischargable in bankrutpcy.... and new laws in the making now to make all student loans non-dischargable......

Help you friend along the "path" if you can .......

[AMISLANDER]

Okay, the auto in both her's and her mom's name...... if they can't get the money from her - they'll go to her mom next....

Most student loans are not dischargable in bankrutpcy.... and new laws in the making now to make all student loans non-dischargable......

Help you friend along the "path" if you can .......

That's what I figured about both of those issues...I told her that last night. At the time the car loan was signed, I guess her mom went on some kind of anti-depressent and went crazy. They have paperwork attesting that she was not fit to sign anything...and as far as the student loans, I told her I didn't think so either...but like I said, she sees an attorny tomorrow morning...I told her about this site last night.

I just really hope she has enough debt to make it worth her while...

If it's just the car & student loans...I don't think it's worth it...better to get a job & start clearing it up that way?

[lrprn]

If it's just the car & student loans...I don't think it's worth it...better to get a job & start clearing it up that way?

Could be, Amis.

Your friend is not going to be able to discharge her student loans unless there are some exceptional circumstances involved (very unlikely).

How much will she benefit if her non-secured debts are wiped out? Will she then have more income than expenses consistently?

Does she want to keep the car even if it's so upside down now and in need of repair to boot? If she's not made payments "for awhile", if it's been more than two months, the repo man is probably looking for the car now. Tell her not to leave anything important in it until she sorts out what she's going to do.

Your friend needs to make appointments for free consultations with 3-4 bankruptcy lawyers in her area and lay out the cards. These lawyer visits will help her sort out whether bankruptcy is the right answer for her or not.

[AMISLANDER]

Could be, Amis.

Your friend is not going to be able to discharge her student loans unless there are some exceptional circumstances involved (very unlikely).

How much will she benefit if her non-secured debts are wiped out? Will she then have more income than expenses consistently?

Does she want to keep the car even if it's so upside down now and in need of repair to boot? If she's not made payments "for awhile", if it's been more than two months, the repo man is probably looking for the car now. Tell her not to leave anything important in it until she sorts out what she's going to do.

Your friend needs to make appointments for free consultations with 3-4 bankruptcy lawyers in her area and lay out the cards. These lawyer visits will help her sort out whether bankruptcy is the right answer for her or not.

I'll know more today after lunch & try to get her on here. The car does not work, needs a new engine plus god knows what else. It's sat in the front yard since I moved in....lol...my sons washed it at our 4th of July party...lol...her meeting is at 11:30 today.