I had a heart attack about 60 days ago and can no longer work. My credit is very good but I see my credit cards won’t hold up for ever. It looks like I will loose my home in about 6 months at the rate I am going through my savings. I am attempting to get a loan modification but from what my investigation has reveled is that is a long shot. My mortgage is at 4 3/4 % and another point will save me only $ 45.00 a month. So I am in Bankruptcy planing at this time. If I start using my credit cards that’s really just kicking the can down the road I have 5 good credit cards that are either paid off or close to being paid off and all are current. My Social Security just won’t hack it.
Will they credit card companies cancel my cards if I go BK? Or should I max um out on my utilities, grocery’s and day to day expenses using credit cards. I’m 72 and don’t have any job prospects due to my heart attack. I do have a small savings account. So what goes first?…… the credit cards or do I just keep dipping into my cash. I am current on my home but the bank says I have to be behind on my payments before I can attempt a modification. This sounds crazy…….. I am in a world of hurt……..Catch 22? I don’t know if maxing out my cards is legal. I have about 6 months to set myself up……….. I think it’s called Bankruptcy planning…….. 🙂
I baught my home 8 years ago and it is underwater about $ 44,000. I have free health as I am a Vietnam vet