Subscribe to our mailing list

X

My Mother Lost Her Job and is Applying for Social Security But What About Her Debt? – Kevin

By on June 6, 2011
My Mother Lost Her Job and is Applying for Social Security But What About Her Debt? – Kevin

“Dear Lewis,

My mother will be 63 this year – she just lost her job and is considering applying for Social Security. The amount she would get will just barely cover living expenses. She is carrying a little under $10000 in credit card debt – half of which as an APR of 31%. I am looking for options for her to relieve some of the debt and provide some light at the end of her tunnel.

What options are out their to reduce that APR. mid 600 credit score. But as stated before she is 63

Kevin”

Dear Kevin,

When people come to see me who are senior citizens, only receiving social security income, and are otherwise exempt from creditors, I tell them they don’t have to do anything regarding their unsecured debt.

Usually, they will not need credit again in the future, so they can basically tell the creditor card companies to forget trying to collect.

They aren’t judgment proof, but they are collection proof.

Social security income cannot be touched. And if assets are protected based on the state they live in, then the creditor has nothing they can get.

But some clients are not comfortable with letting the phone ring, or telling the creditors to “stick it”. So some of these clients end up filing bankruptcy anyway to get peace of mind.

In your mother’s situation, she might want to take the position that there is nothing you can get from me, so accept $X per month at X% or I won’t pay you anything.

My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.

Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.

READ  I Inherited Some Money But Unemployed. The Money is About Gone and Left In Debt. - Jane

If you have a bankruptcy question you’d like to ask just use the online form.

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Lewis Roberts

Florida Consumer Protection Attorney

Share a Comment / Leave a Reply

%d bloggers like this: