Ask Experts Questions for FREE Help !
Ask
    horseshoehacker's Avatar
    horseshoehacker Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 27, 2013, 11:33 AM
    Seniors drowning in debt - is bankruptcy the answer
    I am 72 and able to work but cannot find a job for 3 years. All resources used up - only have social security for my wife and I. House is underwater and SS covers it with only a few dollars to spare. Trying for a mortgage modification. Don't have enough cash flow to cover utilities and health insurance - also have $33,000 in credit card debt. If bankruptcy is filed can we keep the house.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
    Uber Member
    		  
    #2

    Jul 27, 2013, 12:21 PM
    What State - and probably.
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
    current pert
    		  
    #3

    Jul 27, 2013, 12:32 PM
    Beware of some mortgage modification scams.
    Have you looked at total debt reduction plans, for both mortgage and c.c.s? Through non-scammy places like AARP?
    What health insurance? Medicare Part D and/or supplemental?
    Have you applied for Medicaid, food stamps, and any town property tax discount for seniors?
    Have you reduced car insurance to the minimum (I pay under 300/yr).
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Should Poor Seniors File Bankruptcy? [ 6 Answers ]

Help! My parents have $45,000. In credit card bills. They are living on social security benefits plus they have $35,000. In a savings account and they rent their home. If they continue to make their $1000. A month minimum payments they will run out of savings within two years. I have advised them...

Bankruptcy filing for seniors [ 3 Answers ]

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?

DEBT! What should I do debt consolidation,debt settlement bankruptcy (kind of long) [ 8 Answers ]

Hello to everyone :) I've been reding on here and seen the great questions asked and answered, and thought I'd ask a few questions. Ok so here is my situation, I have total about 35k worth the credit card debt (3 cards, amex 20k, visa 5k and another visa 10K), a 12k car loan and a house in WA....

Drowning in Credit card debt [ 4 Answers ]

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...

View more questions Search