Conference nyoss1::market_investing

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!