Michigan  |  Bankruptcy

Legal Question

Asked on: 9/16/13, 8:05 am

My father is considering bankruptcy. Here is some background info:

Age: 62

Job: Unemployed

Marital Status: Married (wife just filed for Divorce though)

Outstanding Debt:

• Doctor Bills: 5,000

• Credit Bills: 60,000

• Mortgage: 110,000

Assets:

• Home: 40,000 to 80,000 in equity

• Car: 2,000

Other info:

• Wife is Disabled

• Wife just filed for divorce (she was tired of being poor….)

• Much of the credit card debt was due to wife’s illness and needing to take on additional debt to pay for medical insurance, etc.

• He cannot afford his home and has borrowed about 20k from family members in the last 2/3 years to pay his bills (this is not included in the above mentioned debt).

Questions:

Should he sell the house now given the situation with the divorce or will it reflect poorly with a potential bankruptcy filing?

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