seniors and cpp
My mother is 87 years old and is living below the poverty line. She requires assistance from her children to maintain a basic standard of living. The problem is that she has a 26,000 thousand dollar visa bill from cibc that she is making payments on. She cannot afford to do so. What are her options
Posted from: Alberta
The first option may be to simply do nothing. I know this sounds a little odd, but if she has very limited income there may be nothing the creditors can do to force her to make any payments. Of course the creditors will continue to call and harass her, at least for a period of time. They may even take her to court to get a judgement. The problem they will face is they likely won’t be able to collect on that judgement based on her level of income and the nature of her assets. So doing nothing may be a possibility. The only problem is the continued collection efforts may put undue stress on her, which is more difficult for some.
The other option would be the filing of a bankruptcy. This would put a stop to the creditors collection efforts and clear her from the debt.
Based on what I see here, I think those are her best alternatives.