His loan had matured last year and the bank presented him with a six-month extension, while they evaluated a new loan. He couldn’t decide what to do.
I evaluated his situation and recommended that he provide an accurate financial statement with his application, and then meet with me to devop a plan for the future.
If, in the future, he needed to file for bankruptcy, a false financial statement would prevent him from receiving a bankruptcy discharge of that loan.
Although he felt overwhelmed, I explained that there were legitimate planning tools he could take advantage of, to keep driving in the short-term, but plan for the worst. See our Videos
Paul Hollender has been advising clients about managing their debts for 40 years. Click her for bio