If one is 65 on Social Security and can not pay 35,000 in credit card debt should they file bankruptcy?

Question

I know Social Security is exempt from credit card debt.

Answer 1

Can you go and see a financial counsellor. Over here in OZ there are several organisations that offer free counselling on debt management and budgeting. I would NOT go bankrupt if I were you.

With your age and the fact that you are on social security the credit card company should never have given you one so the responsibility is theirs so they should write it off as a bad debt, not recoverable. They would over here.

I have used these to mediate for me with the credit card companies .These organisations can do a lot of good and although your debt is quite high they could at least mediate on your behalf.

The one  I went to was run by Anglicare which I guess is part of the anglican church. Try and locate something similar where you are.

Answer 2

Yes social security is exempt from credit card debt, but if you have it in a bank  or any intuition it can  and will           be attached,  Here is a great way to receive  your social security  payments, Its called direct express card, no lost or stolen checks US DirectExpress.com or  [phone] its  like a  a gift Card and can not be touched. and comes directly from social security  Adm. It does cost quite a bit to even file bankruptcy.

Answer 3

If I had that much money to owe, and couldn't pay, I certainly would

file for bankruptsy. Once you have that cloud removed from over your

head, you can breathe easy again. Only learn from the lesson it will

perhaps cost you, to never go into dept again. Throw your credit

cards away after shredding them. And keep one bank card for an

emergency withdrawl. I would never have allowed my spending to be

that out of hand. The stress wouldn't be worth the temporary pleasures.

Answer 4

At this stage of life, I'd say yes, do it. A great weight will be removed from your shoulders, and you really don't need that kind of stress. I know there is a certain amount of stigma attached to it, but for your future peace of mind, I'd say go ahead. Nobody but you needs to know, and the restrictions placed on you as a bankrupt will stop you form getting into this kind of situation again. Good luck.

Answer 5

I'd like to correct a couple misconceptions here.  

First, creditors cannot attach money from social security or pensions, even if it is in a financial institution.  If they do, they have to repay you.  

Second, bankruptcies are part of the public record.  Notices of filings are often published in business weeklies.

Answer 6

sure why not -- the credit card company deserve to be ripped off and cheated out of there money!!!

Answer 7

Sounds like a smart thin g to do,but i think your Soc. Sec. can be taken for debts,if is in a checking or saving  acct.

Answer 8

In my opinion you have to go for loan consolidation programs rather to go for bankruptcy. Because nowadays so many consolidation companies are there who are providing good consolidation services than why to go for bankruptcy. Trust me not go for bankruptcy...just try out loan consolidation at : http://www.debtreduction123.net

Answer 9

Sell your house.

Pay off your debts.

Get a smaller place you can afford.

Cut up your credit cards and don't run up your debt again.