We (me, my husband and 2 children) moved in with my father-in-law after his wife passed Christmas of 2010. We moved in to help with the house and bills and manage his money (he had to file bankruptcy 9/2010). He’s horrible with money, if it’s in the bank he spends it. Him and his wife had incurred 10’s of thousands of dollars worth of debt. We were not able to strip off a 30K home equity loan attached to the house. We are currently paying more than a double payment toward the loan so it’s approximate payoff is 6 years or less. (This will NOT change). He’s 72 and in good health. The value on the home is about 120,000. The home equity loan is for just under 29K. And he owes about 92K on the home. We are to inherit the house someday. My question is this, should we put my husbands name on the home. If so, when? Should we "buy" it from him or should we leave him on it. PLEASE NOTE I WANT TO BE FAIR TO HIM AS WELL. Should we wait till we’ve paid the home equity loan down substantially or should we do it soon? I’m wondering because of the inheritance tax. He does have life insurance. Term life, we are to get 15K. I hope that’s enough info…Let me know if I’ve left something out.

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My husband has been in the hospital 5 times since February. We do not have medical Insurance because of many reasons. When he was in the hospital the only way the family could survive without his income was to put everything from groceries to CIPS on the credit cards because we had no income coming in. Now that he is back to good health and we are both working we still don’t make enough to pay off all these bills. We tried filing for state aid to help with the medical but we were denied. The medical bills alone are over 40 thousand and the credit cards are probably around another 10 thousand. What should we do? If we file will we loose our house and car too? I would like to just erase the medical and credit card debt but keep some other small loans that we have. Is this possible?
and if we do file, what will that do to our credit? Will be not be able to get a loan for a long time?

Technorati Tags: credit card debt, credit cards, good health, groceries, insurance, loans, long time, medical bills, medical insurance