credit cards

July 7th, 2011 by Questions

My in laws are 80 years old, my father in law has dementia and cancer. They are about 50,000.00 in credit card debt, making minimum payments which leaves them little to live on. Can they file bankruptcy?

Posted from: British Columbia

Questions

One Response to “credit cards”



July 07, 2011 at 6:34 am, A licensed trustee said:

Your in-laws should speak to a trustee or a credit counsellor in person. Depending on their situation, they may be “creditor proof” – that’s a term we use in the industry when a person ‘s only income is from pensions and they have no seizable assets. If your in-laws are creditor proof then they may be able to simply walk away from these debts – they won’t be happy about doing that (at least most people in their generation are not), but it may make the most financial sense.

Bankruptcy or even a proposal are definitely options, but they should go and speak to some one in person to get all of the facts.

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