GREETINGS THANK YOU FOR YOUR WILLINGNESS TO HELP,MY MOTHER IS ALMOST SIXTY GOING THROUGH A DIVORCE, AND SHE HAS ABOUT 30,000 IN DEBT ABOUT 25,000 OF THAT IS CREDIT CARS, RECENTLY SHE DECIDE TO CONTACT MMI, CREDIT COUNSELLING, AND THEY WANT TO PUT HER ON A PLAN PAYING 600.00 MONTH FOR 5 YEARS, I DONT FEEL IT IS WISE ESPECIALLY BEEN THEAGE SHE IS AT AND THE ONLY PERSON THAT BRINGS IN AN INCOME, WHAT IS YOUR ADVICE IN THIS SITUATION? I DONT WANT HER TO DO THE MMI PROGRAM, i WOULD PREFEER FOR HER TO FILE FOR BANKRUPTCY AND GET A CLEAN STATR SHE HAS ALWAYS PAY HER BILLS ON TIME.. THIS IS JUST A HARD TIME FOR HER NOW.
Dear Pastor Ron,
Your mother is going to make her decision based on two sets of information, the data she learns about each solution, and her emotional gut instinct.
I don’t know if credit counseling is better for your mother or not but what I do know is that she would be better off visiting a local bankruptcy attorney and learning what bankruptcy would mean for her. If you need to find an attorney you can click here to find a local bankruptcy attorney.
It is quite possible your mother is making an initial decision based on what she would like to accomplish, being debt free, rather than thinking of the nuts and bolts of the approach.
Based on her age and limited remaining work years, one consideration is that depending on her current assets, bankruptcy may be a more logical approach to allow her to discharge her debt and use her remaining work years to save money.
I would not try to steer her into a choice. I’d suggest you make the bankruptcy appoint and go with her to the attorney. After that appointment you can talk about the pros and cons of each solution and come to a joint informed decision about how to proceed.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.