I couldn't offer him anything as I've never been down the road he's on and so I'll ask in here. He has accumulated a lot of credit card debt...... about 50K and wants out from under it (I KNOW he should pay what he's accumulated but I'm not him, so....) and he asked me about the radio commercial where some outfit says you don't have to pay back all that the credit card companies are owed. Here's his scenario.....makes about 80K a year, has 25 acres free and clear that joins his 5 acres that his home is on that he still owes on. He's wondering if he needs to "move" that 25 acres into another family member name, trust or something like that so it won't be associated with him IF he tries to get out from under the debt. he also has several man toys...... 2 boats 2 ATVs several firearms, etc. He don't want to give up any of that either.

I wish he hadn't confided this to me but he did. And I know the RIGHT thing to do is pay the stinking debt, but that's me in my world. What say ya'll about his questions on the land and toys IF he plays ball with that outfit on the radio to negotiate his debt down?

I’d recommend pointing him to a Dave Ramsey Financial peace class. I don’t follow it too closely, but definitely think it provides a clear path for situations like his.

He accumulated the debt, he should pay it off. Plain and simple. Sell the boats, ATV's and guns. If he can get the credit card companies to settle for less than owed amount like I hear on some of the commercials, then good for him, but pay the man. If not that's just straight up sorry.

I say he is the kind of low life that causes problems and cost to those of us who pay our bills. If you care about him tell him to quit being sorry and looking for an easy way out. Sell the boat, atvs, whatever he needs to do to pay his debt and be a freaking man. The kind of attitude he has really chaps my butt coming from a grown ass man.

Sell the 25 acres, pay off the debt. He can buy 25 acres somewhere else later.

Those people on the ads are selling something that ends up costing something. Just tell him to sell the 25acres and move on. Its like pulling off a band-aid. Hurts fast at first but its healed and you move on.

Also, I know if you try to hide possessions before a bankruptcy you can be charged with fraud. May not be the same thing with what he is talking about. Tell him to pay his debt, case closed. If he was sick or had sick family and medical bills caused a hardship, I might see it a little different.

If he moves that land under a trust or estate then files bankruptcy they’ll see that and it’s still for grabs as far as I know. There’s a certain time limit on those kinda moves

Sell all of his chit and man up to pay his debt. I did not help create it but those people that get debt relief are nothing but leaches on the rest of society. Hrs got himself in this mess with all of his childesh toys and now it's biting him in the arse. Sell all that is necessary to pay his debt. Then he may learn a valuable lesson. Stupid people get stupid prizes.

7 yrs and they were talking about 10yrs

When he’s ready to make an adult decision and get out from under that debt, point him to Dave Ramsey. If he’s not willing to sell those toys he can’t afford, then he’s not ready to be free of debt.

Welcome to the new America. The borrower is slave to the lender.

He probably has a not on everything he owns anyway

Wiley,

You can give him some solid advice.

Tell him to man up and pay the debts he owes.

Liquidate assets to pay off debt.

He created the debt, he owes the debt.

He will recover in time.

You cannot always just live beyond your means. This sounds like what this guy did. He should do his best and learn
From his mistake. I am not going to pass judgement, we all make mistakes. He can recover, but it will not be easy.
He should not try to hide any assets. If he files bankruptcy, they will catch him. As previous posts said, sell rhe 25 acres and move on.

Or like you just said... be an adult.

I call BS in this case. He borrowed to support his lifestyle then wants to avoid the responsibility of paying for it. He can negotiate with the CC companies. Usually they will close the account, lower the interest rate and sit up a payment schedule. But, if he skips one payment, deal is off and accumulated interest charges are added back.

You don't accumulate all that debt instantly, it isn't going to go away instantly. Unless you win the lottery or something like that.

Agreed, and that’s the advice Dave Ramsey would give him. Snowball. It grows the more you pay off. If he’s not willing to sell off toys he can’t afford to start the snowball, then he will never be out of debt.

Since he owns the land free and clear, get a HELOC - pay off the credit cards, burn all but one credit card (don't use except in the case of an emergency) - payoff HELOC in 2-years and change his lifestyle.