Bankruptcy advice for your friends may be what they need, but are you meddling? Let’s face it. Suggesting that a friend should consider bankruptcy can be awkward. How do you give Bankruptcy advice for your friends in a constructive way they will appreciate?
To begin with, you yourself will need to know something about bankruptcy. If you don’t know anything about bankruptcy, how can you offer bankruptcy advice for your friends?
Bankruptcy is an amazing legal remedy. It is perfectly legal, and there is a special U.S. Bankruptcy Court system with branches in almost all major cities. Bankruptcy may relieve honest people from the responsibility to repay debts they are unable to pay. Most debts can be discharged in bankruptcy, (with a few exceptions such as recent tax debts, family support, and most student loans). You can read a short simple bankruptcy E Book here. It is free.
When is it time to offer bankruptcy advice for your friends?
The easiest time for you to offer bankruptcy advice for your friends is when they tell you about their financial problems. Also, when they ask for your advice about their money issues. Or, when they are hitting you up for a loan, or asking you to co-sign a loan for them.
When a friend asks you for a loan, it means they are tapped out. They have no credit left at any bank or financial institution. If you value the friendship, don’t become a lender. Friends in so much trouble that they need to ask you for a loan are not a good risk for repayment. If you loan money to a friend, you should expect to lose your money and the relationship will then end.
Don’t co-sign loans for anybody.
Likewise, do not be anyone’s co-signor. Banks are in business to loan money, and they have good methods to decide who they will trust to repay a loan. A friend who needs a co-signor is a person the bank does not trust. That is why they told your friend to get a co-signor. The bank wants someone more responsible than your friend has been to be on the hook to repay the loan. The bank knows more about who to trust than you know. Even when it is your own friend or family member.
Getting back to bankruptcy advice for your friends, suggest that bankruptcy may help them get out of trouble. Steer your friend into getting appropriate and qualified advice from a lawyer who is a bankruptcy expert. You can also tell your friend that most bankruptcy lawyers will be happy to provide a free consultation. Also, your friend can consult with as many lawyers as they would like to.
Consulting with more than one lawyer can be a big advantage. Lawyers don’t all see every problem in the same way. Lawyers don’t always charge the same fee. And, lawyers do not all come with the same temperament. The average bankruptcy case can be painless for most people if they have the right lawyer. In my own Los Angeles bankruptcy office I don’t mind if clients have shopped around. In fact, I like them to. I like that because I want prospective clients to compare me to what my competition has to offer.
Keyword: Bankruptcy Advice for Your Friends
Synopsis: Giving bankruptcy advice to a friend is not meddling. The best time to bring up bankruptcy is when your friends confide their financial problems, or ask if they can borrow money from you.