I just found out that my parents are bankrupt, where can they go for help?

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C

catsow Asked April 2012

I just found out that my parents are bankrupt, where can they go for help?

I just found out that my parents (76 & 84 years of age) have $40,000 in credit card debt. All they have is approximately $1500 SS income per month. They own a condo (worth approximately $65,000). Is filing bankruptcy the only option? Would it still be possible for them to keep their condo? Where can they go for help?

Financial Planning

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score 0 · Answer 1

what state do your parents live in (their legal residence) and is the condo is their only residence (they file & claim a homestead exemption)??

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score 0 · Answer 2

Credit card debt can be negotiated. It is one of the last debts you pay when faced with bankruptcy. I would talk to credit card company and see how much they will forgive on this debt. My husband has a distant cousin who did this and paid very little of his debt. In the bank's eyes a little is better than nothing.

BTW, cut up the credit cards. Take care

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I just found out that my parents are bankrupt, where can they go for help?

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