Debt forgiveness for the elderly??

[nearSacramento1]

What is the name of your state (only U.S. law)?

california

someone told me that there is some kind of "act" passed to allow seniors possibly who are disabled, or something....to have their debt forgiven....what kind of debt, and what is the act called? is it just credit cards?

thanks

 

[Some Random Guy]

Its called bankruptcy.

The laws that let you steal money from the good people that you borowed it from are the bankruptcy laws where you demonstrate to the court that you have no other assets or revenues with which to pay them back.

 

[nearSacramento1]

gosh thank you some random guy!

i am not the elderly one in question. the elderly one in question is my father who has dementia, and has gone from an intelligent, articulate, avid reading, animated man to a virtual sit-and-stare zombie over the past year because he has to be on anti-psychotics.

got any ideas as to how he is supposed to pay back his debts now, some random guy? he barely has the money to stay in assisted living.

thanks for your kind words some random guy!

i had thought there was some special "act" passed for this type of debt forgiveness.

anyone else care to "help?"

 

[Antigone*]

gosh thank you some random guy!

i am not the elderly one in question. the elderly one in question is my father who has dementia, and has gone from an intelligent, articulate, avid reading, animated man to a virtual sit-and-stare zombie over the past year because he has to be on anti-psychotics.

got any ideas as to how he is supposed to pay back his debts now, some random guy? he barely has the money to stay in assisted living.

thanks for your kind words some random guy!

i had thought there was some special "act" passed for this type of debt forgiveness.

anyone else care to "help?"

I'm sorry to hear about your father, I know this must be a difficult time for you. SRG is absolutely correct though ~ he was a bit colorful in his explanation but he is right.

 

[Some Random Guy]

thanks for your kind words some random guy!

Your sarcasm is noted. But if you wanted to ask about debt forgiveness for permanently disabled individuals with no income/assets and under the care of a guardian, then you may get a nicer/more accurate answer than by asking how old people can get out of paying valid debts.

But in this case, the answer is the same. Your "public option" is bankruptcy. Your private option is to be appointed guardian and negotiate with each creditor to pay them a reduced amount from the remaining assets of the incapacitated person.

But in your case, if there are no assets which may be seized due to a judgment, you may want to consider doing nothing. The question is how is the assisted living being paid for and will that be jeopardized by a court judgment from being sued.

 

[nearSacramento1]

Thank you for the more helpful answers. I believe SRG I did state in my OP about the senior being disabled, i don't believe i asked about "some old guy getting out of paying valid debts."

i just wanted information not some personal judgment about the question.

thanks

 

[Country Living]

The problem with bankruptcy is the people who loaned your father money in good faith expected repayment - depended on repayment. Bankruptcy shifts the financial burden to the rest of us in the way of higher product and service costs. Essentially we wind up paying your father's debt.

 

[nearSacramento1]

i totally understand that. however he CANNOT repay it now. he is in essence disabled. he cannot NOT live in assisted living. that is a gamble that they take loaning people money.

i do not think at his age we will file bankruptcy for him. that would not be feasible.

 

[swrdmbo]

I am very sorry to hear of your Father's dementia, and the whole financial mess it often brings with it. I just lost my Father in August to vascular dementia, and I don't wish this awful disease on any family.

Luckily for us my Father realized fairly early on that he was having trouble paying his bills (not due to lack of money but he was having trouble with the figures). So I stepped in and paid their bills for them every month.This saved us a lot of hardship later.

I would suggest calling the different account holders and explain the situation.If that doesn't work, are you his guardian and power of attorney? You may be able to have his checks deposited into your account on his behalf to pay the assisted living center, or does his check already go directly to the AL center?
If it does then you probably don't have to worry about the companies attaching anything to get their money.

If it doesn't go directly to the AL center you may want to contact an eldercare attorney for a consultation.There is a forum on the Alzheimer's website that has all kinds of helpful information.They are a great resource for any family suffering through this awful disease.

It is so sad that we lose our loved ones long before they physically leave us, and the horror of having to stand aside and watch while dementia steals everything away from them ,bit by bit,and not be able to do anything is heartbreaking.

You have my deepest sympathy.Please check out the forum.If you need the actual web address it is Message Boards Forum Index - Powered by Eve Community this doesn't come thru please send me a private message and i will get it to you, or just go to the alz.org website and go to the forums,then caregiver's forum.

Best of luck, and again, I am very sorry to hear about your Father.

 

[TigerD]

If your father has no real hope of recovering, talk to a BK attorney.

The BK law exists for situations just like this. Please forgive the tenor of previous responses - most of the questions in this vein are from people trying to scam the system, and we tend to respond to that side first sometimes.

And to be fair, your initial question was too vague for a proper answer and the tenor of the follow up comments didn't help.

Good luck

DC

 

[nearSacramento1]

Thank you all for helping out. I will check out that Alzheimer's site.

I was actually advised by someone to just not pay it. I mean, his heirs cannot be made to pay it, and if he dies....i mean what happens if it is just not paid? he has no income that can be attached. he has only Social Security, a 268 dollar pension, and some VA money coming in.

 

[swrdmbo]

I don't think they will be able to collect from him if his money is SS and from the VA.The pension I am not so sure.

You are right in the fact that the heirs do not have to pay.So I would try contacting the CC companies and explaining the situation, in the hopes that they will lay off. The calls and harassment can be very upsetting to someone in your Father's condition, and as he progresses in this disease may cause him further distress.

It's worth a try.And please check out that site.They are a fount of information, and provide real practical solutions for problems your family and Father are going to face.And at times their empathy and support were a real comfort to me.Best of luck to you.

 

[TigerD]

It can be attached. The bank account where his money is kept can be levied. You may be able to get the money back for him, but it will take time. Just because creditors with a judgment will not be able to keep funds from SS or VA doesn't mean they won't take them and tie the money up several weeks.

DC

 

[orb4me]

or maybe

Just ignore the credit card attacks? Check out the harrassment laws in your state also, CC companies cant call, etc very often.

Since he is in assisted living, I assume he has nothing of any value.

I dont agree with the answers you have received so far. I know nothing about the law.

Maybe an guardian ad litem attorney if app to your state can somehow help you.

This might help.....When I was deciding what insurance to get on my house a couple of years ago, I realized Im 66 years old, draw VA and SS. By law no one can touch that money expect by Government. So if something happens in my house and Im sued, the only thing any one can do, is to put a lien on my house (30 yr morage) I will be 97 when the loan is paid off, so if they want to put a lien on it, go ahead!!

 

[TigerD]

I know nothing about the law.

And thus ends your value to this forum.

Goodbye.

DC