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Title: | Market Investing |
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Moderator: | 2155::michaud |
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Created: | Thu Jan 23 1992 |
Last Modified: | Thu Jun 05 1997 |
Last Successful Update: | Fri Jun 06 1997 |
Number of topics: | 1060 |
Total number of notes: | 10477 |
538.0. "Think again..." by AKOCOA::BYLANDER_Y () Fri Jul 23 1993 20:37
Laura,
I too have gone through a similar experience. While bankruptcy is
often the only solution, I would urge your mother-in-law to check out
all alternatives first, as bankruptcy is a serious action to take with
long-lasting reprecussions (sp.?).
Some things she may want to consider:
o Re-finance mortgage at new lower interest rates.
o Cut all credit cards, re-finance to pay them off (or
consolidate so that she only has to make one monthly
payment at a lower rate). Get American Express (controls
spending!)
o Work with tax people. My experience has been that as long as
these people get their money, and you show a willingnes to pay it, an
arrangement can usually be worked out.
These are just some of the ideas that come to mind right now. But I
would really recommend, again, that she check out all the options.
Then, if all else fails, turn to bankruptcy. Remember, a lawyer may be
pushing her into this because he/she will get something out of it. Someone
in my family declared bankruptcy (at the advice of a lawyer) and now
regrets it knowing that there were other alternatives.
That's my 2 cents worth. Good luck, Laura!
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