What should he do?

My friend has money to trade but he's scared to open a bank account because he owes creditors.. What should he do? Any way around this?

 

Sorry, it has to be said. Maybe pay his overdue bills? Sounds like he doesn't really have any money to trade with at all.

 

He's going to pay but not at this moment.. I know it sounds crazy but hey that's life...

 

Ask him how he'll feel if he loses all his cash he used for trading instead of paying off creditors?

 

Well if he loses the money trading he can always declare bankruptcy.

Tell him to go for it ! :]

 

Hell Yeah!

 

Yea he's not worrying about paying them now because its been 2 years.. But he wants to trade but the creditors might freeze his bank account.. I was thinking he might could open an bank account that blocks creditors from freezing..? Is there a such thing?

 

Yea he's not worrying about paying them now because its been 2 years.. But he wants to trade but the creditors might freeze his bank account.. I was thinking he might could open an bank account that blocks creditors from freezing..? Is there a such thing?
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I never heard of anyone freezing a brokerage account. I have an account with Scottrade where my wife holds her stock. You can write checks on the account. Don't know if its FDIC insured or not.

 

Any firm he tries to open a trading account through will do a credit check anyway, so it could be tough to get approval on an account. The stand-up thing to do is pay the creditors. I'm sure they'll be willing to negotiate given the economic times we're in.

 

Correct. Just tell them you lost yoiur last dime "internet gambling".