QUESTION
If I am 75 years old and I have 30 thousand dollars in credit card debt, can I declare bankruptcy?
Asked on May 23rd, 2013 on Bankruptcy - Georgia
16 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Yes.
Answered on May 27th, 2013 at 8:37 PM
General Practice Attorney serving Coeur d'Alene, ID
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Michael B. McFarland, PA
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You can, but it may not be necessary, depending upon your assets and income. If you have no non-exempt assets, and if your income is limited to Social Security and pension funds that can't be attached, you may be "judgment proof". It's best to talk to an experienced bankruptcy attorney to make sure.
Answered on May 27th, 2013 at 8:06 PM
Bankruptcy Attorney serving Henderson, NV
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Jeffrey A. Cogan Chartered, a PLLC
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Yes you can. You are probably judgment proof, meaning that they can't take your retirement or social security so there is no way to get paid. But you can file for bankruptcy to get the telephone calls to stop as well as the collection letters and possible lawsuits.
Answered on May 24th, 2013 at 12:58 PM
Litigation Attorney serving San Antonio, TX
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Graves Law Firm
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Yes, if you qualify otherwise. Talk to a bankruptcy lawyer. Most don't charge for a consultation. Good luck.
Answered on May 24th, 2013 at 1:35 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Yes
Answered on May 24th, 2013 at 1:34 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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You sound like a good candidate for bankruptcy relief. Age does not matter. We all want to keep creditors from harassing us regardless of age. Whether you qualify for a Chapter 7 case, however, will depend on more facts, such as your income and expenses. In addition, whether you should even file under Chapter 7 (or a different chapter) will also depend on the magnitude of your assets.
Answered on May 24th, 2013 at 1:25 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Generally speaking without more facts, yes, you may file bankruptcy. Visit with an attorney to see if you meet all the qualifications to file a Chapter 7 or Chapter 13.
Answered on May 24th, 2013 at 1:02 AM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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Many other questions need to be answered, but so far I don?t see a problem.
Answered on May 24th, 2013 at 12:29 AM
Yes, your age will not prevent you from filing bankruptcy. You should meet with an experienced bankruptcy attorney so you can discuss your entire situation and determine whether bankruptcy is your best option.
Answered on May 23rd, 2013 at 2:52 PM
Your age has nothing to do with whether or not you might qualify to file bankruptcy. Bankruptcy could be a good idea if your income goes entirely for necessary living expenses & nothing is left that you could use to pay your debts.
Answered on May 23rd, 2013 at 2:41 PM
Bankruptcy Chapter 7 Attorney serving Louisville, KY
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Thornhill & Holt, PLLC
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You can declare bankruptcy at any adult age, but sometimes, depending on your assets, you don't have to.
Answered on May 23rd, 2013 at 2:40 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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Yes you can.
Answered on May 23rd, 2013 at 2:40 PM
Sanford M. Martin
If your debts exceed your ability to pay, you can file Chapter 7 bankruptcy and may benefit from filing. To determine the benefits, it is advised to analyze your finances in detail. Consult with an attorney or person experienced in bankruptcy, and determine whether the benefits exceed any disadvantages. Regardless of age, you may have other property which you may lose by filing Chapter 7.
Answered on May 23rd, 2013 at 2:39 PM
Deborah F. Bowinski
Yes, but you should consult with an attorney to evaluate whether it makes sense for you to do so.
Answered on May 23rd, 2013 at 2:38 PM
Bankruptcy does not have an upper age limit, so the fact that you are 75 will not hamper your ability to file. Plus, thirty thousand dollars is a significant amount of credit card debt especially if you have a low or modest income. It is worth meeting with a bankruptcy attorney to consider filing Chapter 7 to discharge it. You would have to pass the income related "Means Test" and carefully consider whether or not you would lose a great deal of property if you filed. There are limits on what assets you can keep in a Chapter 7. Many filers lose little or no property, but everyone's financial situation is different.
Answered on May 23rd, 2013 at 2:38 PM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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Most likely.
Answered on May 23rd, 2013 at 2:37 PM