“Dear Steve,

My mother passed away Aug. 2012. My parents were married nearly 63 years. Their budget was based upon both their retirement incomes. After severely cutting monthly expenses we still find that keeping the house (along with utilities to live there) leaves him with absolutely nothing left over each month.We also have medical expenses we are trying to satisfy incurred during my mother’s illness. The housing market has caused him to be upside down in the value to loan due. His current mortage is nearly 1000.00 per month with only 1803.00 in social security coming in.

I would like to move him in with me. He is 85. What options are available to us legally? We live in Tennessee.

TJ”

The Answer

Dear TJ,

I’m so sorry for the loss of your mother. Mine passed away last year as well.

Based on your fathers age and financial situation, I think the math makes the logical answer pretty clear. I’m also assuming your father does not have much in the way of any assets.

I’d suggest you go with your father to meet with a local bankruptcy attorney and discuss a plan for turning back the house to the bank and discharging all the other debt and medical debt. It’s a sensible approach and based on his apparent age, income earning potential, asset status and life situation, a plan of action that would meet his needs.

The transition to your home is going to be tough enough for everybody. He neither needs to bring his bills with him or expect you can help him out making ends meet. This is just the financial wreckage of his life events.

I’m going to give you some homework. Please click here to find a local bankruptcy attorney and go meet with them, for free. Then report back in the comments below the results of that meeting.

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

Big Hug!

Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form.