My dad is about to enter a nursing home with the assistance of medicaid. My mom will be seeling her house and has some equity in her house, but that is all she has, other than her fixed income check, to survive until it is her time to enter the retirement home. SHe is only 62. They have a line of credit on the house (which now that I am involved will be sold asap) and that line of credit (10k) will obviously be taken care of with the sale of the home. But the other 12K (and growing) debt will continue to accru late charges etc. until it goes to collection. What are her options, and what is the most financially effective option, to eliminate that debt?

The most financially effective option to eliminate the debt is to pay it.

She can wait until it is severely delinquent, and then try to obtain some type of settlement with the creditor. She can file bankruptcy.

I would suggest that if your plan is to sell the home, you do so very soon. If the creditor takes legal action, and gets a lien in place, then the sale of the home will not be allowed to take place without the judgment being paid.

She should speak to an attorney to determine the best course of action for her situation.

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