CA - House & car paid off, self-employed business failing

[hoopvillian]

My parents are in a bind and I'm trying to figure out the best way to help them out. They live in California, same house for 30 years.

Dad = self-employed with a retail business (sole-propietership). Mom = stay at home.

Business is bad and currently bleeding around $3000 a month. Getting by using borrowed money. Over $80000 in CC debt and $75000 business line of credit. Dad just wants to get rid of the store. Can't find a buyer. Can't afford the credit card debt anymore either.

If he loses the store he'll be living off about $800/mo from social security (He's 72). Not enough to cover his monthly living costs but I can help them cover the rest.

The house (value around $400,000) and the car is worth about $4000. Is chapter 13 a way for him to get out from under his massive monthly payments and still keep the house?

[AngelinaCatHub]

Mrs. just told me the housing out where you are, is outrageous. If he lived in it for 30 years, there must be some homestead break. I don’t know. Now in my opinion, they need to go C7 and Mrs. C is looking up stuff on a wonderful C7 book off of NOLO.com.

That being said, is there anyway (since he is in an age group that may need aid) that you and yours could liquidate to their home with an understanding it would become yours?

There is so little info you have given and you must take car of YOURSELF and family first. Times have changed. Wal-Mart now is the Sears of the past.

I am at a stop point here as I would need more info. Understand, this forum is information on a amature level and is not guaranteed. Your lawyer is who you need to speak to. We are only here to aid you in our own experiences. Love to you and yours. ‘Hub