• Question
  • Credit card debt -should I file bankructcy? Myhouse is up for sale right now.

    Asked by a 81 year old woman from Chandler, AZ on 9/22/2012

    Credit card debt -should I file bankructcy? My
    house is up for sale right now.

  •  
  • Categories: Bankruptcy, Retirement Planning

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Good for you for exploring various options for dealing with your credit card debt.

    Bankruptcy might be an option for you. You may want to discuss this with an attorney specializing in bankruptcy.

    Selling your home and downsizing to a less expensive residence and using the money from the sale of your home to pay off the debt is probably the most efficient way to settle the debt.

    Have you explored a Reverse Mortgage? If staying in your existing home is very important to you, a Reverse Mortgage might be another option to explore

    Learn more about Reverse Mortgages here:
    http://www.newretirement.com/Services/Reverse_Mortgage.aspx

  • Login to rate this answer:   Answered on 9/24/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.