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My father has $50,000 in credit card debt at age 87 and has

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My father has $50,000 in credit card debt at age 87 and has had excellent credit all his life.He needs to clear up his bills and needs to secure additional income to cover his in-home care for Parkinson's .We do not plan to put him in a nursing home.My brother is living with him. Should he declare bankruptcy or get a reverse mortgage, or should he declare bankruptcy and still be able to get a reverse mortgage.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Guru_Guy replied 5 years ago.

Hello,

If your father has significant equity in his home, he would be best served to get a reverse mortgage rather than declare bankruptcy. Ohio's bankruptcy exemption only allows him to keep a maximum of $5000 in home equity. If he has more than that, the bankruptcy trustee would mortgage his home to pay off the creditors anyway. He can do that himself without declaring bankruptcy.

I hope this answers your question.


___________________

Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
Customer: replied 5 years ago.
My Dad is from Olean, New York...would the same laws apply? He has about $90,000-$100,000 in equity for the reverse mortgage.
Expert:  Guru_Guy replied 5 years ago.

New York gives a more generous homestead exemption of $50,000. If he declares bankruptcy there, he could exempt up to that amount. But if he has around $100,000 in equity and only around $50,000 in debt, it would still not make sense to go through a bankruptcy. Bankruptcy only makes sense if your debt is significantly higher than your unprotected assets. That does not sound like the situation here.


___________________

Please keep in mind that information in this forum is for informational purposes only. It is not legal advice and does not constitute creation of an attorney client relationship. Before acting on any such information, you are always advised to consult with an attorney licensed to practice in your jurisdiction who can take the time to review all the facts and laws relevant to your situation.
Guru_Guy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 2418
Experience: Years of experience providing advice on bankruptcy and other alternatives to debt problems.
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