TMJ and Braces?

So I went to the dentist today, and he wants me to get braces for my TMJ. The TMJ isn't just a minor pain thing for me, I have worn about 40% of my teeth away already from bruxism. (I'm 21). Pretty brutal, and the dentist seemed to think so too. He thinks it is incredibly important for me to get the braces. These aren't the kind of braces for straightening teeth, more for pulling my teeth/jaw down out of my gums I guess? Not totally sure. Has anyone had this? He said the jaw bone right above my teeth has become really thick from all the pressure I exert on it. Anyway, the braces are $3500 and we really CAN NOT afford it right now, but it seems I will have to or face the consequences of jaw surgery later on. I'm just wondering if anyone has gotten braces to solve TMJ or for the purpose of helping the wear of teeth. (I'm not sure exactly how this helps, I guess it realigns my jaw or something?) Any thoughts?