larry wood
April 3rd, 2010 by Questions
My mother who is 87 years old, still lives in her own house. She has been not able to maintain her home without going into debt. She has been using credit cards to carry on. She owes about 17000.00 credit card debt and has an income of 1500.00 per month. With the household bills as well she continues to get deeper in debt.
All her children are retired on fixed incomes so there is no room in their budgets to take on this debt. I think she should declare bankruptcy but the big question I think is; will she lose her home. It would shorten the few remaining years she has left if she was forced out of her home. She is in good enough health to live in the home if she could afford it.
Posted from: Ontario
One Response to “larry wood”
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April 05, 2010 at 7:22 pm, A licensed trustee said:
Whether or not your mother will lose her home depends on whether or not their is any equity (or net worth) built up in the property. If the house was sold woudl there be any money left for your mother after the mortgage and closing costs were taken care of? If there would be then she would have to pay an amount equal to the residual in order to keep her home if she filed for bankruptcy. You should probably suggest to her that she call someone to discuss her situation…