I AM A SENIOR CITIZEN WHO HAS NOT TAKEN…

I am a senior citizen who has not taken my medicine so that I can afford to pay my credit card debts. Can you help me?

There is a major crisis today regarding senior citizens and debt.

When many people retired, they thought that they could survive on their pension and social security. However, unforeseen circumstances got them into a debt trap.

With costs escalating so high in New Jersey, unfortunately, many seniors are cutting back on prescriptions and food so they don’t fall behind on their credit card payments.

The United States Congress specifically passed the Bankruptcy Code to help HONEST PEOPLE who through circumstances outside of their control, got caught up in the debt trap.

If you have little or no property or property with minimal equity, you will be eligible to file a chapter 7 bankruptcy, as long as you have not filed a chapter 7 within the last eight years. The whole purpose of chapter 7 is to help honest people get a fresh start.

If on the other hand, you have substantial equity in real estate or other property, then in order not to lose your property, you would have to file a chapter 13 and pay back a portion of your debt depending on how much non-exempt equity you own.

Mr. Taieb has emphasized to clients on numerous occasions that you have to be careful when you file a chapter 7 since if you fall above the exemptions a chapter 7 will liquidate your property or you will have to buy him out. This is especially true if you own real estate. In one case where Mr. Taieb’s client had a market analysis for $110,000, the chapter 7 trustee was ready to sell the clients’ real estate since his realtor thought the home was worth over $210,000. Thus, if you own real estate, chapter 7 could create a problem.

Mr. Taieb recently helped a 74 year old woman from Willingboro, New Jersey who is a cancer survivor and incurred substantial credit card debt due to her medical issues. Even though she has a good income between her pension and social security income, she was paying outrageous payments each month on her credit card debt. Mr. Taieb cut her payments 66 per cent and now she is only paying $1000 per month for three years instead of $3000 per month indefinitely and will be free and clear from her credit card debt in less than three years.

If you have any questions concerning this matter or any other matter contact TAIEBLAW at 856-235-4994 or visit our website at TAIEBLAW.COM, and schedule a FREE initial consultation.

Steven N. Taieb, Esq. has been a South Jersey Bankruptcy Attorney for over 34 years and is board certified in consumer bankruptcy law by The American Board of Certification which is accredited by The American Bar Association.