My Elderly Father Now Has Parkinson’s and My Mother Has Never Worked. They Are Broke. – Cindi

“Dear Steve,

The question is for my parents who are in debt. They have about $30K in credit card debt. My mother has never worked and is 74. My dad has worked his whole life and is 75. 6 years ago he was laid off and started to work full time in real estate, which he had done part time while working for years. 2 years ago, as the real estate market started to tank and he could close a sale for 9 months he started racking up credit card debt hoping the market would turn. It did not and the office he was with let several people go, who were not producing. While looking for new employment because he could not live off savings and social security he was diagnosed with Parkinson’s and was not able to work. He also had shoulder surgery, all within a 3 month time period. He can not really work any longer due to the disease.

He is looking at debt companies, but I am weary of them all. The latest is Global Client Solutions. I can’t find anything positive about them. Other than bankruptcy, what else can he do? He will never pay the bills off on Social Security. He can barely live on it.

Cindi”

Dear Cindi,

I’m so glad you contacted me for help. Let’s get your parents headed in the right direction here.

Global Client Solutions is not a debt relief company, but a third party escrow company. They may be part of a debt settlement solution as a provider that holds the funds.

But I don’t think that’s a good strategy for your parents.

From what you describe they have little to no assets and are just trying to make it on social security but have this residual debt.

Your father is most likely going to feel compelled to want to repay the debt for a number of emotional reasons. However, I think you should read this and then he may want to read it as well. See How to Get Out of Debt. The Honest and Unvarnished Truth.

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The most logical approach at this point will be for your parents to file bankruptcy to discharge the past due debt or to ignore the debt, let creditors sue them and win, and then not be able to collect any judgment from them since they have no assets and only benefit income. This is what is known as being judgment proof.

Speaking of benefits, you should visit Benefits.gov and make sure your parents have applied for all the benefits they are entitled to. It will help them to make ends meet.

The burden now will shift to you and helping them to be able to keep a roof over their head, fed, warm and safe.

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode

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