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FloridaBKlawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 11
Experience:  I have over ten years of experience in corporate and individual bankruptcy.
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Im asking this question to try & offer my dad some help.

Resolved Question:

I'm asking this question to try & offer my dad some help. He owes about $17,000.00 in credit card debt & he's having a very hard time keeping up with the payments, in order to avoid being late I believe he's taking money out of his savings. He's 75 years old only collecting a social security check & is in poor health. I'm not sure if he will even consider bankruptcy but he needs to do something because worrying about money all the time is affecting his health.

Thanks for any advice,

Monica Mundy
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  FloridaBKlawyer replied 7 years ago.

It sounds as though he is an eligible for considering bankruptcy, however that would depend on how much money he has in savings. His social security is exempt, however I don't know what source his savings came from. If you could assist me with that I could further the explanation.
Customer: replied 7 years ago.

I believe the only money that he has in his savings is what's left over every month from his social security check. His check each month is about $1100 a month. He does own his own home which he's still paying on, I think he owes about $17,000.



Expert:  FloridaBKlawyer replied 7 years ago.
Does his home have any equity? If not he can do one of two things, he can file his bankruptcy and that would relief him of the debt and the stress or he can stop paying and the creditors can't garnish his social security. Most of the time if he sends them a letter telling him he intends to file bankruptcy and that he has no money and his sole source of income is social security, they will leave him alone (he wouldn't need to file).
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