If my mother is 80 years old and has a personal debt of $11,000 dollars but owes a house, is bankruptcy a option?

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If my mother is 80 years old and has a personal debt of $11,000 dollars but owes a house, is bankruptcy a option?

Asked on April 20, 2014 under Bankruptcy Law, New Jersey

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

Bankruptcy is an option, but *if* there is mortgage on the home, she will have to dontinue paying the mortgage, despite the bankruptcy, or risk losing the home. However, the bankruptcy will protect her home from potentially having her personal creditor put a lien on it.


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