Question Details: I am 62 yrs with 0 assets(no property home, anything) i recieve 850 social security and 150 from 401k per month i have at least 50k in c c debt with no hope of paying it back. i have thought about bankruptcy (expensive and dont know if i am eligable) only other option is to default. what would be the consequences of that thank you mark
Under the circumstances, you may want to consider filing a Chapter 7 bankruptcy. It is actually something that you can do yourself. I'm providing a link that will explain bankruptcy basics and give the forms that are needed: http://www.uscourts.gov/bankruptcycourts.html.
Since money is an issue you can also apply to have all fees waived (the site I provided will explain). Additionally, if you think that this is something that you don't want to handle yourself then see if you qualify for representation by Legal Aid or see if they can recommend someone. Also, check if there is a law school nearby to where you live; they typically run free/low cost clinics that handle these type cases. Finally, you can contact the local Bar Association in your county; they may have a list of attorneys who will take your case "pro bono" (for free) or at least for a reduced fee based on your income/circumstances.
Best of luck.

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