Neighbor is going broke quick***Update p2 P/PD req***

[WonderWomanDC]

I'd suggest getting a roommate or two, have them sign a year lease and get security deposit. I don't know where you live but could he maybe get a part time job at Starbucks? I know it's tough but I think if you work 10-15 hours a week you can get full benefits, which is important (Unless he already has them). What about doing yard work for people and those types of odd jobs? He could also see about maybe working some hours in exchange for the windows - you never know, sometimes they need the help and may want to help someone out rather than picking up an illegal immigrant worker.
What about looking into some courses or career training that he could do for free and get a better job or perhaps a raise for the increased qualifications?
If his ex is a good person maybe she would be willing to reduce or eliminate the alimony? Can you take a look at a couple of Suze Ormann's books and maybe buy one or two for him if they give good advice for his situation?
I'm sorry to hear of his trouble. I hope he's able to improve the situation.

 

[SleepyatDVC]

Try listing on www.craigslist.org for a housemate.
They even have a section for people looking to rent a room.
Make sure to click the link for the correct city you live in on the far right.

 

[MrsPete]

He told me his mortage is $850 and his take home pay is $750 biweekly.

So he brings home 1500 and 850 goes to his mortgage, leaving him only 650 for everything else. He can't afford to live in that house. Though you like him as a neighbor, I'd suggest that he sell the house and find a less expensive place to live. Hopefully the equity will allow him to pay off his other bills.

 

[fkj2]

If he really needed to tap his IRA, wouldn't that be similar to a 401K in that if a financial advisor set up an equal distribution he could take out extra money for 5 years. I thought that's what mine had told me several years ago, that I could get money early if I set up a predetermined withdrawal amount for at least five years.

I'd agree about the house: Try and sell it while the market's good and rent.

 

[HeatherPage]

Trust me I work for a domestic attorney and people (okay mostly women) get alimony all the time these days. Here in NC it's an automatic award of alimony if the other spouse cheated (and there was admittance or proof).**


**This in no way constitutes legal advice to anyone, especially as I'm not an attorney.

 

[canwegosoon]

Ok everyone...thank you for all your advice and well wishes. Please say what ever prayers, and pixie dust you can for my neighbor...he got a call from a friend about an opening at his work...It is a job he could do, and a very small shop (almost always need an "in" to get a job there), but the pay is $17.50 an hour and full benefits. This would give my neighbor 2x's the salary. It seems he is still set on cleaning up his financial troubles with his IRA money...he just wants to pay his bills, and be responsible for the debt he has incurred. I know he will not sell (even though it would be a good move for him)...he would not be able to get rent for $850, unless he lived in a bad neighborhood.Thanks again everyone.
Terri

 

[Kristi1357]

 

[rigs32]

I don't think this has been mentioned, but retirement accounts are protected if you declare bankruptcy under the idea that the govt can not force you to take that hit ($18k in this case). So, it's much better in the long run to declare Ch 13, or even 7, and pay off some of your debts but have your retirement secure.

 

[Alicnwondrln]