My mother recently inherited a sum of money from a family member that passed away this past year. She has told me that despite the inheritance she and my father will have to file for bankruptcy. She has no income and my father only get’s Social Security Disability checks in the amount of 00 a month which they currently use to keep up their home and vehicles. Can someone file for Chapter 7 bankruptcy in this situation?
I am mulling an offer from a debt collector for Citibank visa on my wifes account. The account was already charged off by citibank and now in the hands of the collector. The offer to settle is very good but its almost 3000 dollars off and i am afraid the reduced debt will be taxed like crazy by IRS. I really dont have to settle because my wife is on Social Security disability and cannot be garnised as per law. Does anyone know what the tax hit would be? Its about 3k off the original debt.
I have about ,000 in debts. Mainly from credit cards dating before 2002. I used to pay my bills on time, however, in 2002 I was diagnosed with a disabling illness and fell way behind on my bills. I no longer am able to work and have been on Social Security Disability Insurance for 6 months now. Would it be worth filing for Bankruptcy? or should I just wait till the "7 year reporting period" from creditors have passed, and not file? I really want to improve my credit rating ASAP! Also, I live in California and I’m planning on moving to Texas very soon. IF I should file for BK, Should I do it in CA or TX?