Hi all, this isn't a troll post. However, I post enough on this sub for some people to know this isn't my situation either. I recently had a long talk with a close friend about her financial situation, and it turned out that the shit has hit the fan and is now raining fecal matter everywhere.
The situation:
She lives in a house she still owes $120k on. Edit: she does have some equity, but I don't know how much - a very small amount compared to the total sum probably. The house did appreciate in value at least.
She somehow racked up roughly $60k of debt on various credit cards, much of it due to recent medical work.
She still has $50k in student loans for a degree that hasn't really paid off (graphic design)
She makes under $40k/year and income isn't exactly stable.
And she recently had a son with a deadbeat dad who's occasionally home but provides little to no support. And disappears for months on end.
Sooooo.... up until now she had been living on handouts from her parents (who are of the generous sort and decently loaded) but that seems to have dried up due to some recent drama (mostly over the issue of her son's father). It may be a temporary thing, but she quite literally needs the money to survive. Currently she's between paying minimums and defaulting. She had excellent credit.
I had no idea it was this bad. Whenever we hang out in our circle of friends, she's decently dressed and doesn't seem to have a problem paying for things. But then again, that's the problem isn't it?
I advised her to talk to a bankruptcy lawyer, but that'll still leave most of the student loans. Any additional advice I can relay to her?
Submitted June 19, 2017 at 10:08AM by RiceandBeansandChees http://ift.tt/2tFaRm6
