My Fico Community,
I am posting for someone close to me whom I have seen run into financial turmoil - seperation, business failure, medical bills. I myself was able to settle my debt, but the individual I am posting for is far past that point -- in fact most debts are outside of the statute of limitations. Untimately, my own past financial turmoil stemmed from this individuals business failure.
This individual who is a family member has over $200,000 in unsecured debt also owes a family member $72,000. (my thought is the 72k can be written off for the family member owed and he can get a tax credit).
At the present moment his car is at jeopardy of being reposessed (4 months behind -- PenFed). He is having a major surgery and will be out of work, utility bills pass due -- but ultimately is boggled down physically and mentally with debt, not being able to "get ahead" and buy a home.
He is 50 years old. Should he be considering bankruptcy? I want to reccomend it, but ultimately most debts ARE PAST SOL. He has been sued for $13K owed to Capital One and a judgement has been placed (2 years ago), and this is the only debt he was sued for.
I dont want to reccomend bk if its not ideal given most will be falling off his reports... any suggestions? I am struggling with seing someone I care about suffer due to finances and really his ability to "rebound" in 2 years or so without BK. However, I DO KNOW that BK would stop the reposession, GIVE PEACE OF MIND, etc... Any thoughts?
