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Personal Finances / Managing Your Debt Collectors
|Subject: Way forward please!||Date: 4/23/2008 8:58 PM|
|Author: mudflap100||Number: 749 of 754|
Hi There - I need some help and advice. I am from Scotland, and am here in the States trying to help my daughter who’s been here for eighteen years, and who now suffers from a severe bi-polar disorder!
She hasn’t worked for over a year, was recently hospitalised and detained under the Baker act. She has no money , no house, no assets, and a load of debt. She has just got divorced.
It’s impossible to say when she will be able to start working again or what type of work she might be able to do.
What should we do about her debts?
Hospital Bills( a stay against her will!) $12500
A Chase Mastercard $6653
Bank of America Visa $ 5910
Also there are two joint loans with her ex husband:
A credit union loan for $25000 for a truck, owned by her ex. And which he has agreed to maintain, though I understand he pays just the minimum monthly interest payment.
A small business loan (for her ex!) which my daughter has agreed to maintain. She paid this down to $7678 using her share of the House sale.
Her only asset is a plot of land jointly owned with her ex, in Belize, and which it will be hard for her to force a sale, or retrieve the cash.
My daughter was very vulnerable when she divorced, and she still is. She had no professional advice and gave half the proceeds of the house sale (The house belonged to her!) to her husband.
Anyway the question (at last) is what would be the best way forward for her? Is there a realistic alternative to bankruptcy? She has been bankrupt before, about twelve years ago, and was jointly bankrupt with her husband. She has worked very hard to rebuild her credit rating since then.
This idea that they share responsibility for joint debts after divorce seems strange to me. How do we sort that out?
Any advice welcome. –
If this is the wrong board, then please redirect me.
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