Hello, my in-laws are both over 65 living in upstate New york. They have a barely affordable mortgage repayment and have just received a notice from a law firm regarding an outstanding credit card repayment which they absolutely can't afford. They also have a property tax bill due which they likely can't afford either. Does anyone have any advice on a possible solution for their situation. Is bankruptcy a possibility (I know the laws have changed on that front)
Any advice will be greatly appreciated.
2006-08-07 04:21:57 · 3 answers · asked by debhosc 1 in Business & Finance ➔ Personal Finance
You haven't provided enough information to get any meaningful advice. Bankruptcy might take care of the credit card debt, but it won't eliminate the property taxes.
If the are retired, they might need to go back to work. If they can "barely afford" the house payments, maybe they should sell and move to a more affordable house. Maybe there interest rate is too high.
What about there spending habits? Maybe the buy too much on credit and need to have their credit cards taken away.
2006-08-10 19:36:25 · answer #1 · answered by Carl 7 · 0⤊ 0⤋
First, take away their credit cards...how in the world did 65 year old adults get in debt in the first place.
Ok, let bygones be bygones. The credit card company should be approached and asked if they will make arrangements for reasonable re-payment plan.
As for the property tax...it might be a good idea to check into a reverse mortgage...it gives you cash each month and the bank owns the house when they die. That should be enough to pay both debts!
2006-08-07 06:37:34 · answer #2 · answered by dm_dragons 5 · 0⤊ 0⤋
There are some useful tips here.
2006-08-08 20:07:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋