Legal Question in Credit and Debt Law in Minnesota
credit card debt and the elderly
My parents are very elderly and have a credit card debt of over $50,000.00 They own there home and my question is
when they are deceased will the creditors be able to take there house. They are 84 and 89 yrs old so I can't see anyway they could possibly pay off this debt in their lifetime. There are multiple credit cards. This is gambling debt. Thank you for your time.
2 Answers from Attorneys
Re: credit card debt and the elderly
Their estate may well be liable, but homestead exemption keeps it away from judgment creditors during lifetime up to certain limitations.
I have helped people negotiate low % payoff settlements of credit card debt. Call or e-mail for further assistance.
Re: credit card debt and the elderly
Your parents should go to Gamblers Anonymous and a gambling treatment program. Getting rid of the credit card debt via a chapter 7 would probably be pretty easy, but if they don't address their gamblling issues they will just get an equity line on their home and blow that money, too.
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