More details to this question:
My wife and I are 69 years old and because of physical problem we can no longer work. Our only source of income is social security. We have virtually no assets. We have $45,000 in credit card debt - no other debt. The 3 CC companies are writing off the debt now and the accounts are being turned over to collection agencies. Do I need to consider bankruptcy now or see where this goes with the collection agencies.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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If all of your assets are exempt under your state's laws and your only income is social security, then you certainly don't need to file bankruptcy, but there may be benefits to doing so.
1. Your creditors would stop harassing you
2. You can rebuild your credit more quickly
3. You can get assets and not have to worry about them being taken.
See more on whether you need to file a bankruptcy case.
Answered on Mar 18th, 2014 at 9:32 PM