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My mother is 70 yrs old, and getting ready to retire in a couple

Customer Question
of months. She's single, and...
My mother is 70 yrs old, and getting ready to retire in a couple of months. She's single, and lives in the Chicago Housing Project. She works in Chicago, IL. She makes around 32,000/yr. She has about 20,000 in credit card debt. She's not behind on any bills. She only has about $500 in savings. She is looking into filing for bankruptcy. My question is, what would be better for her, filing bankruptcy before she retires, or after?
Submitted: 6 years ago.Category: Bankruptcy Law
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6/7/2011
Bankruptcy Lawyer: cfortunato, Attorney replied 6 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi JACustomer,
Given the information you provided, your mother can file a Bankrutpcy either now or after she retires (her employment income is below the applicable state level to file, which is $3,863 gross per month).

However, since it will cost her about $1,500 total to file, it may be better for her to do it now, as if her retirement income is less than she currently earns, she may find it harder to pay for the Bankruptcy after she retires.
I know you didn't ask this, but if she is sure she wants to file, she can stop paying her creditors at any time, and instead put that money away to save for filing the Bankrutpcy.

I think this is what you wanted to know. If not, please let me know.
Thank you!

cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
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