My parents are 60 years old and have raised 5 wonderful children. They have struggled with money for many years and still continue to struggle with it. My dad has come to me twice within a year to help out financially with lending him some money which I happily did. This last time though was a large amount to pay for a bill that was very very far behind.
I was concerned so I sat down with my parents and realized that they are putting out more then what they are making. Not only that, but my mom is 15,000.00 in credit card debt. Her minimum paments on this debt are 600.00 a month. I am devestated and desperately trying to figure out how I can help them get through this. I love my parents. They are wonderful and have helped us all out so tremendously in so many ways. I am just heartbroken to have to see my parents in this situation.
I have been reaseaching different options and am just courious as to what the right route would be to go. Seeing that they are 60 I am not sure if bankruptcy would be the right way to go. I have researched debt settlement also. Any advice would be greatly appreciated.
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I applaud your concern and efforts. I think we could both agree that the best solution here is one that does not prolong the situation but provides a real solution to allow them to overcome this painful episode in their lives.
Before I layout a plan for you or we jump to any assumptions, I’d like to ask you some questions and if you could http://getoutofdebt.org/7647/my-parents-are-in-bad-financial-shape-im-worried-angie” rel=”bookmark” title=”Permanent Link: My Parents Are in Bad Financial Shape. I’m Worried. – Angie”>post your answers in the comments section to this question, I would be most appreciative.
1. Why did your parents run up this debt?
2. If they did not have debt payments to make would they be able to get by each month?
3. Are the five kids willing to contribute $3,000 towards a solution or $9,000 towards a solution?
4. Are your parents still working?
5. Do they live in their own house? If yes, does it have any equity in it?
6. Do they have any money saved for retirement?