Hello everyone, hoping you can help me with some questions and better understanding based on your experience and knowledge.
First here is what is going on. This is for my parents, both seniors. My father is receving pension and the only one with income. They are at least 20,000 to 25, 000 (if not more in debt). Their monthly income is only 1100 per month. Pay about 550 for rent, the rest of the money they pay some of the debts, as for other expences I've been helping them with grocery and other necessary items for the past 6 years and not sure if I can continue with higher living expences (where we live). My parents don't live we with and I'm not offically helping them (my informal help is not repored for tax). OK.these bills are based on several years for lack of income and bad management of money. I've been talking to them and they are in really bad shape, and haven't been able to pay the minimum of all payments (always too proud to ask us/kids for money since they realize we work hard for our money too). Until recently there hasn't been much of new purchase on the credit card debts just the balance of stuff not going away.
Now they are using their credit cards to buy some grocerires, necessary stuff, etc and had to do some cash advance. We have been discussing it and it seems they would never get of the debt due to paying only minimum fee...
So, it seems bankruptcy is their last and only option. here is the issue, they got some credit cards mentioning that they were working and earning higher income. Can they still file for bankruptcy for these cards with large debts although their real income has been much less and my parents haven't worked for very very very long time? They really spending as little as possible but it is not working. They have no car, no house no major asset really. I can total their asset max to 3000?
What are things we need to do and to know to take steps towards bankruptcy? What about the credit card debts? Due to how they applied (untrue information) will we run to any issues?
Pretty much I have to do all the work on this bankruptcy (forms, going to see someone with them...) please share any information that can make this easier for all of us.
If you can provide a simple 1-10 steps of what has to be done
(in order) i would greatly appreciate it.
First here is what is going on. This is for my parents, both seniors. My father is receving pension and the only one with income. They are at least 20,000 to 25, 000 (if not more in debt). Their monthly income is only 1100 per month. Pay about 550 for rent, the rest of the money they pay some of the debts, as for other expences I've been helping them with grocery and other necessary items for the past 6 years and not sure if I can continue with higher living expences (where we live). My parents don't live we with and I'm not offically helping them (my informal help is not repored for tax). OK.these bills are based on several years for lack of income and bad management of money. I've been talking to them and they are in really bad shape, and haven't been able to pay the minimum of all payments (always too proud to ask us/kids for money since they realize we work hard for our money too). Until recently there hasn't been much of new purchase on the credit card debts just the balance of stuff not going away.
Now they are using their credit cards to buy some grocerires, necessary stuff, etc and had to do some cash advance. We have been discussing it and it seems they would never get of the debt due to paying only minimum fee...
So, it seems bankruptcy is their last and only option. here is the issue, they got some credit cards mentioning that they were working and earning higher income. Can they still file for bankruptcy for these cards with large debts although their real income has been much less and my parents haven't worked for very very very long time? They really spending as little as possible but it is not working. They have no car, no house no major asset really. I can total their asset max to 3000?
What are things we need to do and to know to take steps towards bankruptcy? What about the credit card debts? Due to how they applied (untrue information) will we run to any issues?
Pretty much I have to do all the work on this bankruptcy (forms, going to see someone with them...) please share any information that can make this easier for all of us.
If you can provide a simple 1-10 steps of what has to be done
(in order) i would greatly appreciate it.
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