I have no assets, only 43,000.00 in credit card debt. We are seniors with not a lot of time left, but need to take action on getting our debt cleared. We have used credit cards for moving expenses and medical. Basically we have nothing to lose. We want to pay our bills and have been talking with consumer credit counseling but we are not sure that is the way to go. What would be our best way? We have been using gift money from our 50th to sustain us.
Should seniors go bankrupt?
1 Comments:
Consumer credit counseling is an option, but if you have $43,000 in debts it is unlikely that you will be able to repay that in full over the next three or four years. Bankruptcy is an option for getting rid of all of your debts. It may also be possible to do nothing. If you have limited income, it is possible that the creditors will not pursue you legally, since they have little hope of recovery. We suggest you talk to a credit counselor or a bankruptcy attorney to review all of your options before making a decision.
By Bankruptcy Expert, at 1:27 PM
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