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Richard, Attorney
Category: Legal
Satisfied Customers: 55294
Experience:  Attorney with 29 years of experience.
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My 94 year old mother has gotten into a very bad financial

Customer Question

My 94 year old mother has gotten into a very bad financial situation.....if she declares bankruptcy will she lose her home.....she lives in Florida. House is worth approx 700,000 and she owest 600,000 on the home plus probably 200,000 worth of credit card debt.....we are heartbroken and do not know how to help her.....
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.

Hi! My name is ***** ***** I look forward to helping you.

Can you provide me a bit more information? But for the other debt, could she afford to make her house payment? Does she own any other assets? Thanks.

Customer: replied 1 year ago.
She has approx $7200 a month from social security and my deceased father's retirment (military).....she tried rescuing my 65 year old brother and has lost the commerical building she owned, the manufacturing business they owed, and all her cash....she is not behind on mortage but is delinquent on this years real estate taxes and four or five credit cards she borrowed money from (total maybe 200,000) to rescue him.....we just found out how bad this is....the home was free and clear but again she has put loans against it to help him.....he, his wife, and 8 year old daughter have move in with her recently and have from what we can tell literally wrecked her home.....she is very adamant that we not intervene as she is concerned for our "safety".....she has been a leader in her business for over 45 years and this whole thing was done without us having any that enough information
Customer: replied 1 year ago.
No other assets...she just told us she has sold all her jewelry which was extensive, silver. etc.....almost everything that she could sell.....we are not sure if you are still online with this, please let me know
Expert:  Richard replied 1 year ago.

Thanks for following up. This is truly heartbreaking. I will certainly keep you all in my prayers! She does have some protections. Her pension and SS income is exempt and can't be touched. Florida also has an unlimited homestead exemption...meaning it could not be touched by other creditors. But, for those who have been given a lien on the property to secure their loans, if they weren't paid, then they could foreclose on the house. So, she can simply stop paying all the other creditors. They're not likely to pursue a suit that is not collectible. If they did, she could always declare bankruptcy to discharge the judgments.

Expert:  Richard replied 1 year ago.

So, the issue is the house. To keep it, she will need to pay the loans secured by the house and catch up on the taxes. Many counties allows senior citizens to accrue the taxes rather than pay them currently, so you should check to see if that's available to help there.

Expert:  Richard replied 1 year ago.

This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you the house was beyond reach no matter what, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!