Hello – I am sending an inquiry please on behalf of my widowed 71 year old mother-in-law who we have just found out has gotten herself into a difficult situation… We are wondering if bankruptsy is an option for her. General situation is she was working while collecting a pension for past several years and her job has become suddenly obsolete and is not likely to continue to be able to work. While working she had accumulated several credit card debts that she no longer can afford to make the payments on at all. She lives in and owns clearly her home but would like to remain in the home as long as possible. So question are: Is bankruptsy possible at age 71?; and 2) will she be able to retain her home if she were to file for bankruptsy? Her bank is offering to consolidate her debts but for one she couldn\’t make the payments and for 2 – it comes with mortgage collateral catch that is worrying her and pmts would be based on her 2010 income which would be twice what her income will be from now on. We are looking into all options for her before she signs anything – Thank you in advance so much for your kind assistance.
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