When someone is in this kind of situation when they are in their 20’s-30’s-40’s sure that is tough enough, but how about when you’re in your 70’s? These folks sat with me to discuss refinancing, combining their first and second mortgage. I could have been done, but there wasn’t enough monthly savings; they said any savings will help.
After going through the math every which way I could think of, I only saw one solution that made any sense to me. I asked them the following questions, if you didn’t have your credit card debt, would the mortgage payments be an issue?
I could sense, they knew what was coming. I told them, in my humble opinion they needed to file for bankruptcy protection to wipe out their credit card debts. I recommended they sit with an attorney that specialized in this area to make sure this could work for them. After some further discussion, they asked if I would introduce them to someone that I trusted. I decided to take a chance and made a call. Fortunately I was able to get the attorney on the phone and made the introductions and gave an overview of the situation.
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The attorney was so great, handling the conversation with such grace and caring. An appointment was scheduled for the following week. I don’t know anyone that is happy about this type of decision, but in this case this was their only option, otherwise there was a good possibility they would have lost their home. Their credit card payments were nearly $2300 per month, totally unsustainable.
