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    acrp's Avatar
    acrp Posts: 2, Reputation: 1
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    #1

    Jul 21, 2006, 09:54 AM
    How to get out of dbt with next to no income
    My friend is approx 50,000 in debt, is trying to make ends meet trading on line. Debt was incurred primarily through closing a photo business and living expenses since then. His only work experience in in the photo production business, prior to digital. 57 years old. If he should go for bankruptcy will it affect his current trading business? I understand you can not go in to any finance trading business if you have incurred a bankruptcy. Is that correct?
    Any suggestions on how to get out?
    I am supporting us but can not afford to pay his debt as well?::confused:
    walt17's Avatar
    walt17 Posts: 335, Reputation: 28
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    #2

    Jul 22, 2006, 01:12 PM
    I can't answer your specific questions. But I would advise that your friend seek legal advise. Some attorneys don't charge for initial consultation. Or perhaps a legal aid office.

    Walt
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jul 22, 2006, 01:22 PM
    He should contact an attorney who is trained in the investment field first.

    I would also be concerned that if he gets serveral judgements against him, this also could be a issue. If they require levels of financial management to do trading, then judgements coulc be possibly as bad as bankruptcy or worst.

    And there are other management jobs out there to find employment, unless he is just wanting to stay in the trading business.
    fredg's Avatar
    fredg Posts: 4,926, Reputation: 674
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    #4

    Jul 23, 2006, 08:43 AM
    Hi,
    That's a lot of money to try paying back; without a very good full-time job, making at least that in annual pay. Trading online probably isn't going to do it.
    Please tell your friend to talk with a lawyer, one who can be recommended by a friend, experienced with debt. They would be able to advise him of what to do, and what the consequences will be.
    Best of luck.
    coco's Avatar
    coco Posts: 8, Reputation: 1
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    #5

    Jul 28, 2006, 07:25 PM
    Bankruptcy is very serious & should only be considered as a last resort. I agree with Fredg - a full time job is the best option & trading online should be left to the experts or people who can afford to loose their 'pocket change' (I am a wealth manager so the investment field is my baby).
    In the UK there is another less serious way out of the debt than bankruptcy though you will need to check if it is available in the US. It enables you to pay off the debt within a specified time frame i.e. a year, but only the money owed NOT the interest - the interest is cleared for you. It will still make it difficult to obtain credit again but is less severe than bankruptcy & should still be viewed as a second from last resort.

    Go into full-time employment, get your friend to talk to the agencies he owes money to & come to an arrangement with them i.e. amalgimate payments and/or tell them how much he can afford to pay a month & they will work out an agreed time frame to fit that - this will mean he will end up paying more in interest but at the same time will make the debt manageble.

    Hope this helps.
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