Legal Question in Credit and Debt Law in Florida

My question is in regard to my son. He bought a house (in the state of Florida-he was a realtor) with his girlfriend (her name was not on any legal documents).. they had a verbal agreement to split the payment and all expenses....she lived with him for about 6-8 months and then walked out and left him with all of the bills....Unfortunately, this was at the time when the real estate market took a downward turn and he had no income. My husband and I helped him for about 5 months hoping he could sell the home, but he had no luck selling it.....He could not afford this place any longer and we thought we were just throwing our money away. So, he walked away from the house and it went into forclosure... he had no income coming in and could not find a job.... He went back to school and now is having a terrible time finding a job because every time employers pull his credit report .... he doesn't get the job because of his bad credit. What can he do about this situation....he will need a job when he graduates in October and things are not looking good for him....he is getting very discouraged. He is totally agains filing for bankruptcy. What can be done to help him with this situation?

Any help you can give will be appreciated. Thank you.


Asked on 3/10/10, 7:56 pm

1 Answer from Attorneys
David Labovitz Labovitz Law Firm, P.A.

Unfortunately, there really isn't much he can do about valid accounts on his credit report but wait them out until they drop off, which is 7-10 years. The good news is that as time goes by, older accounts aren't weighted as heavily. If it's any consolation to him, many people are suffering the consequences of the real estate bust.

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Answered on 3/16/10, 4:23 am


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