My brother’s credit card debt has grown to $38,000. In order to pay it off, he has asked our mother for a loan. Our mother’s only two options are to take out a loan against her retirement account or use her home equity. I’ve informed her that both are awful concepts. Exist any further remedies? Does declaring bankruptcy make no sense when he has no assets?
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How much does he make? I would never let anyone I care about to assist him in getting out of this situation. If he can’t handle his finances, he’ll simply end up back in debt.
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He earns about $60,000 before taxes. My worry is that when Mom helps him out, he won’t modify his behavior and finds himself in a similar predicament again. After five years, he leaves his mother with the bill.
If you ever come to his aid, he will never learn.
Don’t allow your mother do this just so he may cry again in five years, please.
According to your explanation, he hasn’t matured if all he wants is for your mother to save him; she needs to take a firm line and refuse to allow him stand on his own two feet in this situation.
You are powerless to assist him. All you can do is allow him to continue abusing himself. Since February, he has been working on this, but nothing has progressed. He lacks motivation, he refuses to adapt, and he is not yet prepared to confront the circumstances that led to his predicament.
Don’t assist him in filing for bankruptcy or establishing himself. The only way to learn from this and avoid doing it in the future is to figure it out.
Maybe let him move in with her (if it’s possible) if your mom feels obligated to help him, so he can use the money he saves on rent to pay off his debt.
If not, it’s likely that he won’t alter his spending patterns, leaving your mother responsible for his debt.
As it stands, he has no housing expenses. One of the houses our mother owns was our grandparents’. For the past twelve years, he has been living there without paying rent. which, I realize, makes the current situation more worse. But I have brought up the notion so that he saves money on utilities and other things.
Make sure your mother doesn’t give him any money, please.