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    glaflure's Avatar
    glaflure Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 17, 2007, 05:19 AM
    Drowning in Credit card debt
    Hello,

    I am 75 yrs old and my wife is 65 yrs old. I have accumulated a credit card debt of $130,000.00 these cards are in my name and not my wife's name, in fact she was not aware of much of my debt, do to a gambling problem. I am unable to continue payment on my credit cards. I own a small percentage in a sub chapter s corporation. What consequences may I recieve if delinquent on my credit debt?


    Thank you
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Apr 17, 2007, 06:10 AM
    You will be sued by your creditors who will obtain judgements against you. These judgements will be used to seize any property you hold singly or jointly. Generally your primary residence will be safe from seizure, but little else.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Apr 17, 2007, 06:37 AM
    First you need to address the problem of the gambling and come honest with your wife.

    If you clear your debts and just keep getting back into debt you do yourself no good at all.
    glaflure's Avatar
    glaflure Posts: 2, Reputation: 1
    New Member
    		  
    #4

    Apr 17, 2007, 07:11 AM
    My Gambling debt was from 7-8 yrs ago and I have never missed a payment now with a retirement and increase in cost of living I can't make my payments..
    gazelleintense's Avatar
    gazelleintense Posts: 175, Reputation: 13
    Junior Member
    		  
    #5

    May 2, 2007, 07:52 PM
    Hi, sorry to hear about this problem. You are not alone it's common.

    You need a plan. Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.

    Can help. Get his book "the total money makeover".. it can help you to clean up this financial mess. His free podcast of his daily radio show it great too. :)
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