pink_me asked:


I have a cousin who is 25 years old and wants to file bankrupcy.

He has debt but it is around $10,000. He is not a stable kid. He can’t keep a steady job and when he does work he doesn’t work full time and of course doesn’t make very much money.

I guess he has talked to loan consolidators and attorneys about filing bankrupcy. The people who have given him advice told him that there wasn’t any difference between them in respect to your credit score. In other words, both hurt your credit score equally.

Now, I told him he shouldn’t file bankrupcy because his debt really isn’t that bad to warrant it. Also, paying a consistent loan consolidation bill each month would help his credit.

I’m really not sure if I gave him the right advice…………SO what are the pros and cons of loan consolidation vs bankrupcy?

confused asked:


Have 4 properties bought through a brokerage that produced fraudulent (doctored after I signed) loan apps and is being prosecuted – my banks don’t care about that.
- all four properties are being foreclosed on after trying to sell them for over a year.
-I have 3 legitimate properties including my personal residence that I want to keep or shield my equity in from these creditors.
Obvioulsy I deserve blame for taking the bad loans, and so my credit is ruined, but don’t fault me because inflated appraisals won’t allow me to sell these for what I owe or anything else for that matter.

What can I do? I lose everyting in bankruptcy anyway, it’s to late to “hide” these properties as Im told. Do I have any way to avoid deficiency judgements?

I’ve talked to 3 attorneys but no real advice yet. How do I find an expert?

I’ve been begging for deed in lieus since the day I mised my first payment.