My mom is beside herself with the problems my brother is having. He (36 y/o) is in danger of losing his good state job where he is halfway to his pension (12 yrs in). Right now he has moved to mom's house while waiting for his hearings to transpire. He has no savings. Parents had to advance a shocking amount to his lawyer to represent him.
Background: He couldn't manage his money on the decent salary from that job, (probably about 25k/yr takehome after tax, ins and pension and union deds, and that is living with no car or housing expenses for the past 6 years!!!) so it is very frightening to all of us how he could possibly support himself on half or a quarter of that income.
He doesn't understand how to use money, I mean this is a serious learning disability he has. When he was first on his own he had an apartment and got a car loan and other debt, CCs?. He defaulted on everything and skipped town, this was about 7 years ago. He had transferred to another worksite, and was out of touch for 4 years. He kept the not-paid-for car, it broke down and he hasn't used it in years, I'm sure he owes 25k now with all the collection fees added. Who knows how much his other collections are? (They are constantly calling my mom's house) He is highly in denial and pretends he has no problems other than the looming job proceedings.
He can't get a bank account so pays some percent of every paycheck to cash his check. He pays someone to do his taxes even though he doesn't have any deductions. He can only get a prepaid cell phone so he buys 20c/min phone cards whenever he has enough money. He smokes and cigarettes cost almost $6/pack where he lives. He spends all his money buying new release dvd's and video games, liquor, and maybe more. The list goes on...
Obviously he needs to declare bankruptcy to get the collections to stop. But after that is done, how to keep him from getting in trouble again?!! He truly cannot handle it himself. And any advice from parents is 'yelling at him'. Even the bankruptcy idea won't work if he cannot admit what debts he owes to whom so it will all get wiped.
So my question is: Is there any sort of financial service that will take your paycheck, direct deposit, and have control of your necessary bill payments (rent, car, utils, ins, taxes) and will dole out a weekly allowance? How to keep him from signing up for predatory loans, since once his bk is cleared, the vultures will want to hook him.
Just basically asking for all ideas on how to protect him from himself...
Mom and Dad have already provided for these issues when they pass on their estate, (that will be down the road, as they are not yet 65) his share will be in a trust so he cannot blow the money and the house. But there is no such vehicle for someone to do with their own paycheck, is there?
Background: He couldn't manage his money on the decent salary from that job, (probably about 25k/yr takehome after tax, ins and pension and union deds, and that is living with no car or housing expenses for the past 6 years!!!) so it is very frightening to all of us how he could possibly support himself on half or a quarter of that income.
He doesn't understand how to use money, I mean this is a serious learning disability he has. When he was first on his own he had an apartment and got a car loan and other debt, CCs?. He defaulted on everything and skipped town, this was about 7 years ago. He had transferred to another worksite, and was out of touch for 4 years. He kept the not-paid-for car, it broke down and he hasn't used it in years, I'm sure he owes 25k now with all the collection fees added. Who knows how much his other collections are? (They are constantly calling my mom's house) He is highly in denial and pretends he has no problems other than the looming job proceedings.
He can't get a bank account so pays some percent of every paycheck to cash his check. He pays someone to do his taxes even though he doesn't have any deductions. He can only get a prepaid cell phone so he buys 20c/min phone cards whenever he has enough money. He smokes and cigarettes cost almost $6/pack where he lives. He spends all his money buying new release dvd's and video games, liquor, and maybe more. The list goes on...
Obviously he needs to declare bankruptcy to get the collections to stop. But after that is done, how to keep him from getting in trouble again?!! He truly cannot handle it himself. And any advice from parents is 'yelling at him'. Even the bankruptcy idea won't work if he cannot admit what debts he owes to whom so it will all get wiped.
So my question is: Is there any sort of financial service that will take your paycheck, direct deposit, and have control of your necessary bill payments (rent, car, utils, ins, taxes) and will dole out a weekly allowance? How to keep him from signing up for predatory loans, since once his bk is cleared, the vultures will want to hook him.
Just basically asking for all ideas on how to protect him from himself...
Mom and Dad have already provided for these issues when they pass on their estate, (that will be down the road, as they are not yet 65) his share will be in a trust so he cannot blow the money and the house. But there is no such vehicle for someone to do with their own paycheck, is there?