elderly woman with debt

by cristie
(newyork city)

A 78 old women owes around 8000 to a credit card that is now in the hands of a so called law firm debt collector. The account was opened in 2004 it went into default she made a few payments with a collection agency 2 years ago. However she has not made any more she is old and ill with dimentia and epilepsy. She owns a house but does not run it at all. What is the best thing for her to do to get out of this old debt.

Comments for elderly woman with debt

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Jan 30, 2012
 elderly woman with debt
by: debtcollectionanswers.com

Christi:

If the woman's debt has been turned over to a law firm debt collector it probably means that she is about to be sued for the money she owes. I recommend therefore that she consult with a bankruptcy attorneyright away. The attorney will evaluate her financial situation and advise the woman as to whether filing for bankruptcy is her best option or whether there is an alternative she should pursue to resolve her debt problem. If the woman pursues bankruptcy, it will stop the law suit and any other collection actions. Go here to learn about the bankruptcy process, how to file for bankruptcy. The initial consultation will be free.

My concern however is that you mention that the woman has dimentia, which means she may not be able to make an informed decision about how to deal with her financial situation nor may she have the capacity to pull together all of the information she will need to provide a bankruptcy attorney before she files and after should she file. Does someone have power of attorney for her finances? If so, that person could act on the woman's behalf. If she has not given anyone that power, she should do so right away, assuming she has the mental capacity to take that action given her dimentia.

If she has given someone power of attorney for her finances, you should inform that person right away about the woman's financial situation and what I have advised she do and that person should either consult with a bankruptcy attorney on the woman's behalf or be part of any conversation or meeting the woman has with the attorney. If the woman has not given anyone power of attorney for her finances, but there is a close relative who is involved in her life, than that person should be a part of the bankruptcy conversation/meeting. If there are neither, then perhaps you would be willing to do what is needed.

Feb 01, 2012
 Elderly woman with Debt
by: Anonymous

My suggestion is to not have the woman pay if she does not care about her credit score. Give all of her assets to someone else and the collection company will have nothing to recoup. We have dealt with a similar case where the collection company wants to make a ten year plan for an 88 year old. It was laughable. If the collection company expects to get their money they should deal for an incredibly low amount rather than nothing. This is just a suggestion.
Jun 19, 2014
 in debit and homeless
by: Anonymous

Actually I want to know what would happen to my friend. He is over a thousand dollars in debt, but he is homeless living under a bridge and he has been contacted by a debt collector?

Reply from DebtCollectionAnswers.com:

It's great you want to help him. There's probably not a lot they can do. He can't be arrested simply because he can't pay his debts. You could perhaps write a letter on his behalf to the collection agency explaining that he's homeless, unemployed and has no assets (if that's the case). Hopefully they will decide to move on to greener pastures.

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