My father is 65 years old and has been disabled for the last couple of years due to many health problems. He recieves about 600 a month from SS. My father lives right now with me and my sister and my mom. My father has had great credit throught out his entire life. But in the last 4 years he racked up credit card bills of exceess of 250,000. Hes spent most of it on our house(remodeling) and failed businees ventures. MY sister claims him as a depent on her taxs can she be affected by this? Can he go to jail? What is the worst thing that can happen to him or to us and what is the most likely thing to actually happen? I would just like to say again he has no assest to his name all he has is his SS checks.
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I would just like to also add that he definilty is planning on chapter 7 -
Hi,
Your father will need to file a Chp 7 and see he can retain the house, if is under his name. If you guys decide to get an attorney, explain the situation to him/her so that they can get things going so the house can be kept, under a Chp 7.
As long as no one else's name is listed under your father's credit card agreements, he'll be the only person affected by filing for bankruptcy. Worse case, scenario, is the creditors will look to the house as means of getting the debts repaid.
Good Luck!The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation.Comment
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