Advice Needed - Bankruptcy In NJ?
My mother-in-law died about 2 weeks ago. Without her pension and SS income, my 76 year old father-in-law cannot pay his mortgage and credit card debt. He owes about 90K on a 150K house and has about 40K in credit card debt. At his current income level he can just barely pay the mortgage. Right now he is under the impression that if he declares bankruptcy he will lose his house. Is this true? Another possiblity is that his 4 kids split the CC debt and pay it off over time on his behalf. The problem with that is it would be a struggle for all of us to assume this debt. Can he declare bankruptcy and keep the house?
In NJ, their are many attorneys who will provide a free initial consultation for bankruptcy cases. Your father-in-law should talk with one or more bankruptcy attorneys to find out where he stands and what his options are. And, because your mother-in-law is recently deceased, there will most certainly be other legal issues that will need to be ironed out. I am not an attorney, but I'm guessing that an attorney that handles will and estates might be what needed for that part of your father-in-law's situation. I am not familiar with NJ's exemptions, but it may be possible for your father to keep his house and discharge his credit card debt. I strongly recommend that your father speak with a local bankruptcy attorney.
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