Follow
Share

I just found out that my parents (76 & 84 years of age) have $40,000 in credit card debt. All they have is approximately $1500 SS income per month. They own a condo (worth approximately $65,000). Is filing bankruptcy the only option? Would it still be possible for them to keep their condo? Where can they go for help?

This question has been closed for answers. Ask a New Question.
Find Care & Housing
what state do your parents live in (their legal residence) and is the condo is their only residence (they file & claim a homestead exemption)??
Helpful Answer (0)
Report

Credit card debt can be negotiated. It is one of the last debts you pay when faced with bankruptcy. I would talk to credit card company and see how much they will forgive on this debt. My husband has a distant cousin who did this and paid very little of his debt. In the bank's eyes a little is better than nothing.

BTW, cut up the credit cards. Take care
Helpful Answer (0)
Report

This question has been closed for answers. Ask a New Question.
Ask a Question
Subscribe to
Our Newsletter