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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My dad is 75 yrs old in poor health & his only source of income

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My dad is 75 yrs old in poor health & his only source of income is Social Security. He owes about $18,000 in credit card debt, he owns his home which is worth about $90,000 and he still has a mortgage of about $17,000. Even though he is not behind on any of his payments he really is no longer financially able to pay his credit cards due to his income limits & medical expenses. My question is if he just stops paying his cards or tries to claim bankruptcy can they take his house, sue him or garnish his Social Security money? He refuses to ask for help so I'm going to try & find out what his options are.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.
In PA you would use the FEDERAL EXEMPTIONS, for property, which is $21,625;, he should consider quit claiming his home to a family member or trust and not pay his credit cards, the companies cannot take anything from him as social security is exempt and the home is not in his name.
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Customer: replied 6 years ago.

Could he basically give the house to one of his kids instead of selling it? Say he gives it to me, what would I have to pay just taxes or how does that work?

Expert:  WALLSTREETESQ replied 6 years ago.
he should not sell it, it should be quit claimed to another family member, he would just do a simple deed transfer to a family member, no need to sell it. If it was given to you no taxes are paid until you decide to sell it, which would be taxes based on what he paid for it and what he eventually sold it for.
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