Senior Bankruptcy
My 80 year old, widowed Mother has somehow managed to owe Visa $15000. Since my Fathers passing 8 years ago.
There is no way she will ever be able to pay this off in her lifetime!
She would allow me power of attorney to keep her in line from this point on.
She has no assets except a pension and the standard government pensions.
She is in a nursing home but in a private room. Would she have to downgrade her living accomadations if she declares personal bankruptcy?
Posted from: Ontario
Unfortunately, we are seeing more and more of these types of cases – seniors that for whatever reason lose control of their spending and then are faced with some very difficult decisions.
The first thing you should know (and want to hear) is that I am not aware of any senior having to downgrade their living situation simply because they filed for bankruptcy.
I think you should call a trustee to discuss your mother’s situation – they can explain the various options available to her (and you) regarding her debts. Some of her options may surprise you…