My 88 year old mom has long outlived my father's retirement and is living off social security and a reverse mortgage. She has supplemented her finances with her credit cards and now fears she may have to file bk. She has one CD and I believe a money market account. She is concerned that she will need those in the event of illness. Can someone advise me on this? Can she keep those or will she be forced to give those up to creditors in the bk?
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Originally posted by indigoblue View Post
Without knowing what state your Mom is in and the states exemptions for cash (the CD and money market account will be considered 'cash on hand') we can't help you with your question.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
We live in New Mexico.Comment
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It looks like in New Mexico you can use either the states exemptions, or the federal exemptions. There are a couple of things here though that you'll have to research for her (or an attorney): Does she own her home and if so, is there equity in it? How much does she have in CD's and a money market account?Originally posted by indigoblue View Post
Take a look at both sets of exemptions and see if she "fits" in them financially or schedule a consultation with an attorney and go with her.Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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Will do. We hope she won't even have to file.Comment
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