[rhoda]

I am 80 y/o with $50000 in credit card debt. I only get $800 social security a month. I am robbing Peter to pay Pay. My health is not well and this adds to my stress. I don't own a home, I live my daughter and her daughter. I have bought a used car in the past year and I am making those payments on time along with the insurance payment for the car. My daughter says that I just need to stop paying these big credit card bills and pay off the small ones. She has paid some herself the past month for me. Will they take my car if I am paying the loan on time? I don't want to lose my car. It is quite obviousy that my debt way exceeds my income. What should I do?

[fredg]

Hi, rhoda,
I am 64 yrs old, retired, drawing Social Security Retirement also. Fortunately, I have some other supplemental income per month, and don't charge anything on my Credit Card unless I can pay it off the next month.
I am neither a Lawyer nor a Professional Money Manager.
This large a debt is charging you approx. $750 per month, just in interest!
That doesn't even count toward the original $50,000.
There is no way I see that you can ever pay it off. No, this doesn't affect your car, if you keep making the payments every month.
Don't let your daughter sign anything with the credit card company, which makes her responsible for paying it off. You want to keep the credit card in your name only.
I highly suggest talking with a lawyer. Your best way out might be to declare bankruptsy. That's why I suggest getting some Professional advice. I do wish you the very best, and hang in there.
I am sure you will get some more answers, than just mine, with some additional suggestions.

[Fr_Chuck]

First as my signuture line states, I am not a ABA attorney or licneced to practice law in any of the US.

Basically you just stop paying any of the credit cards, and don't ever get another one even if you could.

They will sue you at worst, get a judgement against you, and take any money you may have in any checking or savings account.

So you have to be sure your name is not on any bank account what so ever. Esp joint accounts with your daughter or granddaughter, snce they would freeze those accounts just as fast if your name is on them.

No they can not take your car and few personal belongings.

Don't let your daughter pay any of the bills, or sign anything either,
You do not want to give even the impression she is going to be responsible for that debt.

You also can file bankruptcy, you can keep your car and not have to worry about law suit against you. ( now they will look and question why you keep buying on cards you could not afford to pay, trying to prove some level of fraud on your part) If they prove fraud they may not allow you to go bankrupt.

[rhoda]

Hi, rhoda,
I am 64 yrs old, retired, drawing Social Security Retirement also. Fortunately, I have some other supplemental income per month, and don't charge anything on my Credit Card unless I can pay it off the next month.
I am neither a Lawyer nor a Professional Money Manager.
This large a debt is charging you approx. $750 per month, just in interest!
That doesn't even count toward the original $50,000.
There is no way I see that you can ever pay it off. No, this doesn't affect your car, if you keep making the payments every month.
Don't let your daughter sign anything with the credit card company, which makes her responsible for paying it off. You want to keep the credit card in your name only.
I highly suggest talking with a lawyer. Your best way out might be to declare bankruptsy. That's why I suggest getting some Professional advice. I do wish you the very best, and hang in there.
I am sure you will get some more answers, than just mine, with some additional suggestions.

If my social security is direct deposited into my checking account, can they still take the checking account money? I was told they can't touch my social security money.

[Fr_Chuck]

They can not garnish the SS check, but once you deposit it into a bank accoiunt, it is just money sitting in the bank and they can attach the money in a bank account.

So yes they can not "touch" your social secuirty check, but after you cash the check it just becomes your money and can be gotten.

You would have to go back to a physcial check and cash it and pay bills with cashiers checks and the such.

If you go bankrupt then it merely desolves the debt