MY QUESTION IS ABOUT A CREDIT CARD SITUATION
Question Details:
I HAVE A RELATIVE IN MASSACHUSETTS THAT I JUST FOUND OUT HAS A 9000.00 CREDIT CARD BILL. THAT THEY HAVE BEEN PAYING DOWN, BUT THEY ARE ELDERLY. THEY HAVE $1300 IN AN ACCOUNT AT THE SAME BANK AS THE CARD. IF THEY WALK AWAY FROM PAYING THE CREDIT CARD, CAN THEY TAKE THE SAVINGS MONEY? IS THERE A LEGAL PROBLEM IF THEY TRANSFER THE MONEY TO ANOTHER BANK IF THEY DON'T PAY AFTER THAT ON THE CARD? CAN THE CREDIT CARD CO.TOUCH THE HOUSE THAT SHE OWNS?
Bankruptcy Law Answers
They should be free to move the money to another bank and that is probably a good idea. As to the house the answer is "it depends" on whether they have filed a declaration of homestead and when. Be sure they have stopped using the credit card. If they have $9k in credit card debt they should seriously consider a bankrutpcyfiling. If its more than $9k they should defintitely see a lawyer and file.
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