Legal Question in Bankruptcy in Indiana

Re: 83 year old with credit card debt and stoke

Bankruptcy can be a good route if she cannot afford to pay her credit card bills. However, she should really meet with a bankruptcy attorney to discuss her case because of her house. If she has a lot of equity in her house, bankruptcy, or at least a chapter 7 may not be the best route because she could only protect $7500 of equity in her house. So although she may need debt relief due to her credit debt, it would be wise to consult with an attorney to discuss the limits of chapter 7 and her other options. She may be able to do a reverse mortgage depending upon her age and equity in her house. See a banker or mortgage broker who handles these types of mortgages. A reverse mortgage may be able to provide her with a lump sum equity withdrawal or monthly income.