Question for Banking Officers
I have a friend who has about $38,000 in consumer debt, a car worth less than $5600 and a home with $10k in equity (at most and before real estate fees, etc.).
I'm recommending that he claim bankruptcy because he is older now (60's) and has an income of around $20k per year. There is simply no way to get out from under the debt.
The issue is that the banking officer is family and he has gone over and above what would reasonably be allowed (I'm assuming) by providing lines of credit, credit cards, second mortgages, etc.
If my friend claims bankruptcy, will it come back on the banking officer? We would like to avoid that at all costs for obvious reasons.
The credit was provided with a good heart, but it wasn't the best decision for obvious reasons.
Just want to know what the blowback might be.
I'm recommending that he claim bankruptcy because he is older now (60's) and has an income of around $20k per year. There is simply no way to get out from under the debt.
The issue is that the banking officer is family and he has gone over and above what would reasonably be allowed (I'm assuming) by providing lines of credit, credit cards, second mortgages, etc.
If my friend claims bankruptcy, will it come back on the banking officer? We would like to avoid that at all costs for obvious reasons.
The credit was provided with a good heart, but it wasn't the best decision for obvious reasons.
Just want to know what the blowback might be.