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Im 68 years old woman and I have $189,000 credit card debt My income is $1300 after tax and I cannot afford to make payment anymore

1 Answers. Asked on Feb 22nd, 2017 on Bankruptcy - California
More details to this question:
Hi friends sorry about my bad English and I will try to explain my situation the best way I can ,, about 9 months ago my son asked me to borrow almost $180000 from my credit card as balance transfer because he said his friend can use that money as investment in China but the thing is his friend told him it will take at least 8 month if they are going to see any profit from that $180000 , But son he is not going to china only his friend going to handle the money and for that reason my son took $30000 out of $180000 so during those 8 month he can make minimum payment for those $180000 until they see profit after 8 month, But here is the thing its almost 9 month gone and my son he cannot reach his friend and my son is out of money because he cannot continue to make those credit cards minimum payment, and my son now for %100 sure his friend ran away with money because these past 4 month he cannot reach him on the phone, please guys what is the best option do i have?! can I file bankruptcy?
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Answered on Feb 22nd, 2017 at 3:19 PM

You can try to file bankruptcy, but most likely there will be objections to you receiving a discharge.  What you are saying is that you borrowed $180,000 on your cards at a time when you only make $1,300 per month net, so you clearly had no ability to repay the loans.  If your son is willing to testify that he promised to pay you back and also provide proof of the supposed investment, then you might have a chance to discharge the debts, most likely in a Chapter 13 case.

But unless you have any assets and if your income is social security, there isn't anything your creditors can do to collect from you anyway, so you could (if that's accurate) just do nothing.

I suggest you schedule a consultation with an experienced bankruptcy attorney in your area.  If you are in Los Angeles, Orange or Santa Barbara, Ventura, or San Luis Obispo County, I can help.

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If you're struggling to pay off your delinquent debts and getting hounded by collection agencies, then it's time to address your financial problems. And filing for personal bankruptcy may be the ideal solution. Whether you're an individual or married couple considering Chapter 7 or Chapter 13 bankruptcy, or a business considering a Chapter 11 reorganization, or a farmer considering Chapter 12, you need the advice and guidance of an experienced bankruptcy attorney. Your lawyer can help determine which form of bankruptcy is right for you, prepare and file all of the paperwork, and advise you throughout the bankruptcy process.
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