Bankruptcy or give up?
December 12th, 2009 by Questions
My husband is 70 and retired. He just got let go from his part time job. He is 40,000.00 in debt by 2 credit card co.`s. (20,000.00 each). He cannot pay off his debts. He has no assets. He will never work again because of his age and health. He has arthritis and bad hips. I, his wife am not working either. I am 61 so am not entitled to pension yet. We are renting and just own old furniture. My question is. Would it be better for him to just inform the credit card co`s he cannot pay and let it go to collections and deal with the phone calls but eventually hoping the credit card co`s will write off the debt? Otherwise we don`t even have enough money to claim bankruptcy. I own an old car and van but that`s it.
Posted from: Ontario