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Senior unable to pay debt

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Joined: 26 Oct 2009
Jack's page
Posts: 2

128 Magic Points

Subject: Senior unable to pay debt
Posted on Mon Oct 26, 2009 7:43 pm  

I'm 78, divorced, self employed with a credit card debt of $25,000. The only verified income that I have is my social security of less than a thousand a month. Business has been poor so no reason to continue my business. Home valued at $178K, balance is $266K.
I don't have any assets. What reason do I have to file BK. I'm probably not going to live long enough so what do you suggest I do. Ignore all creditors, keep only cash on hand, close out my business and just ignore phone calls from creditors?

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

109 Magic Points

Posted on Mon Oct 26, 2009 8:19 pm  

Hi Jack

Sorry to hear you are having such a rough time. But with the economy in the shape it's in I'm sure your not the only one.In my opinion I would file Bankruptcy because for one none of us can determined how long we are going to live. You could live another 20 years and that's a long time to have to put up with creditors calling. If you don't see any hope for you business in the future and you only have say 900.00 that is reliable income I would file and try and find something cheaper that you can afford. My two cents.Hope this helps some. Hang in there.


Joined: 17 Jul 2006
Justin's page
Posts: 1238

28944 Magic Points

Posted on Tue Oct 27, 2009 6:27 am  

Hi Jack,

Just ignoring phone calls might not help, since the creditors may get a default judgment against you. However, if you do not have any assets and your only income is social security money, then garnishment by the creditors will not be possible. So then you will not have to file bankruptcy. If the social security money is enough for you, then I would suggest you to close down your business, because the creditor can attach this to liquidate his debt.
All the Best Smile

Joined: 26 Feb 2008
fireyone's page
Posts: 4246

128 Magic Points

Posted on Tue Oct 27, 2009 10:05 am  

The law is a collector can not attach social security monies. Now you should know that if you have a bank account and you deposit this money in there that you will need to let the bank and judge (if it goes this far and it may) know that this account only holds money from your Social Security wages. If you decide to sell your business and deposit that money in the account if a judgment is ever made against you then they would be able to attach those funds. Good luck.


Joined: 28 Oct 2009
FreedomDM's page
Posts: 105
Location: Florida

2285 Magic Points

Subject: Sounds like a 7 Plan
Posted on Wed Oct 28, 2009 7:39 pm  

It sounds like you’re in a position where filing a chapter seven bankruptcy may be your best option, based on your financial situation and pending debts. A good bk attorney will provide a free consultation and will accept payments for the filing process. If you have an expendable amount of free time you can opt to do most of the research and paperwork yourself to save some money with an attorney. If I can be of further assistance please advice, good luck.
Michael J Brazier
Performance Based Debt Relief

Joined: 26 Feb 2008
fireyone's page
Posts: 4246

128 Magic Points

Posted on Thu Oct 29, 2009 2:28 am  

Wow I never knew an atty would even agree to let someone do their own research on order to make their bill cheaper. I, for one, would like to know how that goes.
Jack..remember when you file for bankrupsy you are usually responsible for going through some type of counseling. During this time your creditors may not harass you. I would maybe consult with one of the atty's that would evaluate your case for free.

Joined: 10 Oct 2009
debranewell2008's page
Posts: 591

109 Magic Points

Posted on Thu Oct 29, 2009 2:55 am  

Yes will I filed I had to go through counseling.You pay $50 bucks and someone calls you on the phone to teach you better ways to manage your money. That is if you have any to manage do to lost jobs. But anyway it was pretty neat how it is set up because it's not just you and her on the phone. It's also people from all other states that are filing Chapter 7 on the phone as well listening to her. She mutes everyone out while she talks and ever so often she calls each persons name and state and you just say you are there. That way she knows you didn't hang up. Then at the end she makes sure she has your address correct so she can mail you your certificate saying you completed the canceling. It is pretty neat how it is set up and you can finish in one day.

Subject: bk
Posted on Wed Jul 28, 2010 4:11 pm  

can someone tell me the cost of bk in texas? filing fees & attny & whatever else?


Joined: 08 Feb 2010
Aaron's page
Posts: 2632

48565 Magic Points

Subject: bankruptcy
Posted on Fri Jul 30, 2010 11:15 am  

Hi petey,

The cost of filing bankruptcy in Texas will differ according to the chapter under which it had been filed. The cost of filing chapter 7 bankruptcy is $ 274 and the cost for chapter 13 is $ 189. However, this will vary according to your situation too.


Keep in touch Smile

Joined: 15 Oct 2010
nduen's page
Posts: 13

246 Magic Points

Subject: Judgment Proof
Posted on Fri Oct 15, 2010 2:13 pm  

It sounds like you maybe judgment proof meaning that although the creditor can try to collect and even obtain a judgment against you , they will be ultimately unable to collect if your sole source of income becomes just social security. If you are still making money from your business and deposit that money in that bank account then they can try to levy that bank account once they obtain a judgment. I would suggest to contact a local bankruptcy attorney, (generally they offer a free consultation). I understand you may not want to file but at least they can help to direct you on what you can tell the creditor in a letter if in fact you are judgment proof.
Info on:
Patricia A Holdridge

Subject: Divorce
Posted on Fri Dec 31, 2010 4:40 pm  

My name is Patricia A. Holdridge and I can't afford a divorce and I am on SSi,I earn $769.00 until the Social Security takes $96.50 out of my benifits so please email me back as I don't want Glenn to hear our conversation on the phone.My email address is,thank you. Patricia Holdridge
crorkz matz

Subject: RLocMplbosHoEWyUsb
Posted on Tue Aug 05, 2014 4:49 am  

U6LqHB Very good blog article. Really Cool.

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