Legal Question in Bankruptcy in Florida

Dilemma.. whether to buy new home or pay debts

I am 65. I had heart surgery 10/03

and cannot work a full-time job. After

my surgery, I lost more than half my

income. My wife lost her job and has

been unemployed since. She used

credit cards to start a State

contracted business and then did not

get the contract. She has no money

to pay her creditors and is headed

towards bankruptcy. I refinanced the

house 2 years ago and it saved me

from going under but the loan reset

and I cannot afford the payments. I

have used up my credit cards to

make ends meet, hoping I could get

a better job and my wife could find

one. I was on the verge of

bankruptcy. Then, I received an inheritance of about 200,000. My

wife and son want me to buy a home

for cash (FL) and go bankrupt on the

medical bills and credit cards. It

seems reasonable, since it will help

me live in retirement (all I have is

$1,000 month social security) but I

am torn and think I should pay the

credit card bills, about 60,000 and

pay down on the house (380,000)

and continue 50 month payments on

medical bills. But I will still not be

able to make my house payments. I

am looking for an objective response.

Thanks

1 Answer from Attorneys

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