Dear Dave,
My wife co-signed on a loan for an old boyfriend five or six years ago. Now, a collection agency is after her for the remaining $5,000. We make about $90,000 a year combined, and our attorney recommended we file Chapter 7 bankruptcy. The idea of filing bankruptcy scares me. Is there a better way to handle this?
Jeffery
Dear Jeffery,
Your attorney doesn’t sound very bright. A bankruptcy stays on your record for years. It’s just plain stupid to consider trashing your financial life over $5,000.