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I am a senior citizen who is in debt and have no way to pay off what I owe. I have heard if in debt to someone they can come in and take my house and car to pay off the debt. I’m on a fixed income of $ 700 per month. By the time I finish paying my monthly bills, buy medicine and food there is nothing left. Please tell me what to do. Should I file for bankruptcy..and if so, how much does that cost? I am under so much stress worring about this that I have been very ill.

8 Thoughts on How do I get out of debt?
  1. Reply
    Norm Peterson
    July 27, 2011 at 6:42 am

    Look up Reverse mortgage online. This is where they give you monthly income against the equity in your home.

  2. Reply
    CK
    July 27, 2011 at 6:48 am

    Organisations providing advice about debt problems include private charities, government-backed organisations and those backed by churches such as Credit Action. The National Debtline at http://www.nationaldebtline.co.uk is helpful, as is Adviceguide from the Citizens Advice Bureau at http://www.adviceguide.org.uk

  3. Reply
    paoloudarbe
    July 27, 2011 at 7:18 am

    head on to oprah.com

    they have ways on how to dig those debts out…

    just search for it… or call oprah…

  4. Reply
    SK
    July 27, 2011 at 7:40 am

    U have no sons, friends & relatives to help u. In US u can get social security.

  5. Reply
    outrun
    July 27, 2011 at 8:28 am

    go to your local citizens advice bureau or phone the company’s you owe money to and tell them you are struggling to make the payments and try and come to some sort of arrangement the company would rather you pay something than nothing at all

  6. Reply
    peacemakers3000
    July 27, 2011 at 8:51 am

    As far as I know, the law is considering your situation and never leave you without shelter or minimum amount of money you need to be at your foot. Consulting a lawyer who does not charge for consultation can be find. Do not worry at all. Be happy you will be helped.

  7. Reply
    Caroline H
    July 27, 2011 at 9:19 am

    You should contact your local legal aid to help you – the other option is a reverse mortgage – they give you money and when you pass away, they get the house.

    Your creditors will not get your house – you will be OK – get in touch with legal aid – they are usually in the phone book – they give legal advice to those who cannot afford it. They can best advise you on bankruptcy – there are new laws that may make this an option that is not best for your situation.

    Best of luck and do not lose sleep over it.

  8. Reply
    Judy
    July 27, 2011 at 9:22 am

    Does your state have Help for the Aging? Ifso contact them, they may give you some advice.

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