Bankruptcy is very much driven by state law, so he would really need to review details with an attorney in his state to discuss details.Upside: it clears your debts to a certain extent (student loans and IRS being notable exceptions). Downside: Complicated; You have to declare it forever, even if it drops off your credit report; For chapter 13 rather than chapter 7 it doesn't fully discharge them but sets up a structured payment plan; It doesn't do anything to solve the problem of someone with inadequate income or prone to living above their means, as it won't create a means to pay debts.I think if he really does want to look into bankruptcy he should consult a local attorney to find out options. Sometimes the state attorney general or the state bar have low cost legal services available that can help advise on things like this.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. M