Follow
Share

I just found out that my parents (76 & 84 years of age) have $40,000 in credit card debt. All they have is approximately $1500 SS income per month. They own a condo (worth approximately $65,000). Is filing bankruptcy the only option? Would it still be possible for them to keep their condo? Where can they go for help?

This question has been closed for answers. Ask a New Question.
Find Care & Housing

2 Answers

Most
Helpful Newest
First Oldest
First
Credit card debt can be negotiated. It is one of the last debts you pay when faced with bankruptcy. I would talk to credit card company and see how much they will forgive on this debt. My husband has a distant cousin who did this and paid very little of his debt. In the bank's eyes a little is better than nothing.

BTW, cut up the credit cards. Take care
Helpful Answer (0)
Report
what state do your parents live in (their legal residence) and is the condo is their only residence (they file & claim a homestead exemption)??
Helpful Answer (0)
Report
This question has been closed for answers. Ask a New Question.

Recent Questions


Popular Questions


Related Questions

Ask a Question
Subscribe to
Our Newsletter