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Author: kahunacfa Big funky green star, 20000 posts Top Favorite Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308451  
Subject: Re: Credit Card Debt - Best Approach? Date: 10/18/2012 5:53 AM
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I have a nephew that like many Americans has had the job of 70,000 - 95,000 a year. He had accumulated on 2 seperate credit cards a total of near 50,000 in debt. He has a total income now of 52,000 per year. With other expenses related to living he is in a jam. Most likely he will not improve his income salary for the next 5 years due to his situation.

1. What is the best approach? Credit Card Companies will not work with him.

2. Legal help then what does he file?

3. How does that impact his ability to go forward and purchase a 8,000 to 10,000 vehicle he needs? He is using one that is 15 years old now so he has the sacrifice part down.

4. How will this affect his future employment opportunities if they do a credit check?

5. Can debtors get his 401K, home if not paid for, car worth 3,000,no boat, no other property,

Need your input
- BossGman2 | Date: 10/6/2012 9:56:39 AM | Number: 306055

Steps: 1. Buy or preferably lease the reliable automobile he needs. It does, of course NOT have to be new <except possibly for a leased vehicle>. 2. Contact an attorney. The Credit card companies WILL work with the attorney even when they are unwilling to work with your nephew!!! Step 3: Prepare with you or with the help of the attorney's office a BUDGET Plan that lives well within his reduced income resources. Use either an Excel Spreadsheet Budget, or purchase a software program such as Quicken that will help keep track of each expense and source of income. Step 4. Your nephew will experience within the next five years the joy and freedom of being absolutely Debt-free.

I AM biased about the attorney option because my daughter is an attorney -- JD 2002. Solo practice Law Firm established 2006: Contracts, Civil Litigation, and Bankruptcy practice.

Kahuna, CFA
Venture Capital
General Partner
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