No. of Recommendations: 3
tconi,

You wrote, $800 in living (housing/food /utility) expenses - have since discovered that this does not cover insurance (automobile), car fuel/repair expenses, health insurance...

Squeezing in food is impressive, though not impossible. The rest doesn't surprise me. But if she threw out a figure of $800/month, either she didn't really have a handle on her expenses or she was trying to down-play them - something that's not usually advisable because it can just lead to further questions.

Also, Florida

Hum. You do know that Florida is considered a "dead-beat haven", yes? The laws are similar to Texas. It's almost impossible to collect on an unsecured debt from a resident of Florida (that has few real, un-sheltered assets) if they just walk away from the debt.

Anyway, just an observation. In theory M could probably just walk away from either the house or the credit card debt or both. Not terribly ethical of course. But then it's not all that much different from filing BK - just cheaper. Unless you consider the creditor harassment to be expensive, of course. And if she does have anything sheltered, her creditors will get theirs from the estate when she eventually passes away as their claims will be superior to her heirs...

Just some thoughts...
- Joel
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement