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Need help with debt situation please

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I have a question on how to best handle my debt situation. I am over 70 years old and retired and on fixed income. When my husband died recently, my income dropped and of course my credit card debt became harder to manage. I currently have two cards for a total of 13k. I pay nearly $250 in minimum’s which is nearly half of my social security income and is too much money for me. I have made payments on time to these companies for nearly 20 years! I called a debt settlement company and their payment is closer to $300 which is too high for me even though I will be out of debt quickly with their method. I know taking a loan or doing consumer credit counseling will be too much money for my current situation. I know my only two affordable options are basically to let this go and quit making payments or Chapter 7 bankruptcy.

The only problem is that one of my credit cards actually has my son as a primary applicant. So my arguments for my two solutions above do not work anymore. I know in my situation the creditors cannot garnish my wages and they are not likely to pursue me legally. But for the one card with my son, I know maybe they would pursue him legally or garnish his wages. Or if I file Chapter 7, will that go against him? Is there any way I can have him removed from this account? What options do I have in regards to my situation?

Any advice is greatly appreciated. Thank you.


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Hi B-

First, you didn't post if you own anything (cars, home, etc.). That may matter.

You cannot get your son off the card. The reason that they have two folks on the card is to make sure they can go after both of you if the account enters default.

If you file a Chapter 7, that fact alone will not go against your son. However, the card balance still remains with respect to your son and bills will then be sent to him. If he doesn't keep the card current, then they may go after him and place derogatory marks against his credit.

What you also haven't posted is your son's financial condition. Have you discussed this with him? Maybe you guys can work something out and he can help you with the debt settlement payments. If you have nothing, then he can do it because you are his mother.

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