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Debt Relief – Insolvency – Bankruptcy Information » Bankruptcy Law » Got a call from a family member who needs $1,500.00 to hire a bankruptcy attorney….?

Got a call from a family member who needs $1,500.00 to hire a bankruptcy attorney….?

…Isn’t this some sort of catch-22?

If one is so in debt that one needs to file bankruptcy, where is that person supposed to come up with $1,500.00???

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2 Responses to "Got a call from a family member who needs $1,500.00 to hire a bankruptcy attorney….?"

  1. Bishop McFeely - Altar Boy Lover says:
    They can file the bankruptcy without a lawyer. But you pretty phukk yourself if you try to handle it on your own. Lawyers have to earn a living too. You want them to work for free?
  2. Blondie Mathieson says:
    Seems to me that the irony in this situation is akin to the irony of not being able to get a job until one has experience yet one cannot get experience without getting a job, etc., and around we go. Also, generally speaking, you can’t get a loan from a bank unless you have collateral – in other words, you could do without the loan!

    However, one cannot expect the attorney to work for free. I think that many people facing bankruptcy can come up with the attorney’s fees if they are able to lower their monthly bills by filing bankruptcy. Many of them may also borrow from relatives; I don’t know. I knew one family that was about to lose their house and, at the last minute, somehow came up with enough payments to keep that from happening. Turns out that subsequently they sold their second home on the Outer Banks, N.C. (probably to pay back whomever loaned them the money to get out of dutch). Being in a position to have to file bankruptcy means that you are in over your head “big time” but it may not mean for all people that you don’t have any cash or can’t get any cash. Say, for example, you are making very large car payments – $800 or so a month – if that payment goes into the bankruptcy, you may have half your attorney’s fees right there.

    Before I lent this relative money I would look at several factors:

    * Have I lent them money before and has it been repaid?
    * Can I afford to “lose” this amount should they not pay it back?
    * Can I be built into the bankruptcy as one of the creditors and receive a payment each month towards the repayment of this loan?
    * How irresponsible (or responsible) is this relative? Are they foolish with their money or have they just fallen victim to the economy, lost their job, inadvertently taken on too large a mortgage, had family illness, etc.?

    Just in case another issue comes up – the request for you to co-sign a loan – never do this unless you are prepared to take over the loan payments for the duration of the loan – even if the car (or whatever) has been repossessed – because this is exactly what you are agreeing to when you co-sign that loan.

    Good luck to you and your family members.

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