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    desoto's Avatar
    desoto Posts: 1, Reputation: 1
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    #1

    Nov 15, 2010, 05:48 PM
    Bankruptcy filing for seniors
    Can we as elderly seniors on social security file for bankruptcy and get rid of high credit card debt, mobile home payments, personal loan debt?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Nov 15, 2010, 06:37 PM

    Anyone can try to file bankruptcy but the courts will look at every asset to determine if the party truly is bankrupt. Your debts must excede your assets, do they
    DownUnder's Avatar
    DownUnder Posts: 492, Reputation: 24
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    #3

    Nov 15, 2010, 07:41 PM

    You will have to take a means test to see if you qualify for chapter 7 or 13,you will also be required to take a credit counseling class. These are part of the new bankrupty laws that took effect a few years ago. Talk to a good bk lawyer and they can advise you
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Nov 15, 2010, 07:44 PM

    And of course if you get rid of mobile home payments you are also getting rid of the mobile home, you can't keep it and not pay for it.
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