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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
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