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I Need Help to Deal With My Credit Card Debt So I Don’t Leave Debt if I Die From My Cancer

By on October 26, 2017

Question:

Dear Steve,

I am in credit card debt for $60,000. I live in Oklahoma and every time I try to contact Oklahoma Debt Relief, I’m re-directed to a scam company. I’ve been diagnosed with ovarian and uterine cancers and don’t want to leave my husband and family with this back-breaking debt, should something happen. I don’t know who to trust or what to do. I don’t want to file bankruptcy. Thank you so much for any assistance.

I will appreciate any advice regarding my debt issues in the above.

Kittie

Answer:

Dear Kittie,

I’m so sorry to hear of your cancer diagnosis. My mother dealt with similar issues.

I applaud your intentions of looking ahead to not leave lingering debt if you pass away.

Your debts can’t be inherited but depending on your state laws, your spouse may be responsible for some if the debt if they were a co-applicant, joint account holder, or an authorized user who incurred charges. When you get into the finer points of how one state deals with these issues over another there is no substitution for you to go meet with a lawyer who is licensed in your state. When you setup that meeting you will be able to walk away with a legal opinion you can rely on.

This article will help your husband in the event of your passing. But suddenly being thrust into dealing with finances in the middle of such a traumatic loss can be overwhelming.

I’m not sure why you would want to avoid bankruptcy. It would close the door on the debt in the shortest period of time and for the least amount of cost. Please update me in the comments below why it is exactly that you want to avoid bankruptcy. I need to understand if this is from a fear or assumptions rather than fact based.

Your primary options for dealing with the debt are to:

  • Pay it off in full.
  • Settle the debt for less than you owe but it will impact your credit and you may owe taxes on the forgiven debt.
  • Enter a repayment plan to pay off the debt but it might be completed by the time of your passing so it may not accomplish the goal you desire.
  • Eliminate the debt for about $1,500 in about 90 days.

I have no idea who Oklahoma Debt Relief is. It is such a generic name that it makes it impossible to research.

My best advice is you should schedule a consultation with even just a general attorney in your area. If they have any experiences with wills and probate they will be able to answer your specific questions.

And then as a matter of self-education I still think it is a good idea to meet with a local bankruptcy attorney who is licensed in your state. This free meeting will either support your desire to avoid bankruptcy or help you get the facts about how bankruptcy may fully protect your spouse and estate from the debt if you sadly passed away.

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About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

One Comment

  1. Kittie

    October 26, 2017 at 1:14 pm

    Asked debt and cancer question.

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