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How You Can Help Your Dad with His BankruptcyIt can be painful to watch your parents struggle with debt, knowing how much they have supported you throughout your life. You may have relied on your parents as you were starting your young adult life, such as continuing to live with them or borrowing money. You are financially more stable, but now your parents are the ones who may need your support. For Father’s Day, it may be time to repay your parents by talking to them about how you can help with their debt problems, including the possibility of filing for bankruptcy. Supporting your parents does not have to mean giving them money. There are several ways you can help them:

  1. Figuring Out Their Financial Situation: Before deciding whether to file for bankruptcy, it will help to have a complete picture of your parents’ financial situation. Your parents’ assets and debts have been building for years, and it may be difficult to see the complete picture if your parents are unorganized with their records. You can start by tracking down and organizing records of assets and debts, which may be a mix of physical and digital records. You may need the assistance of a financial advisor to tell you what records to look for and analyze your parents’ finances.
  2. Coming Up with a Budget: Whether you choose bankruptcy or not, creating a budget will be necessary as a long-term solution to your parents’ debt problems. Your parents may need help with this if they have never been good at budgeting their finances. Go through their expenses to determine whether there is anything unnecessary that they could cut. You can also consider whether there are assets they would be willing to sell, but you should hold off on selling assets if you are considering bankruptcy. By filing for bankruptcy, your parents may be able to keep those assets and eliminate their debts.
  3. Finding a Bankruptcy Lawyer: If your parents are considering bankruptcy, they should talk to a bankruptcy lawyer to learn more about the process. It is important to choose an attorney who understands the needs of people at your parents’ age and in their situation. You can offer to research bankruptcy lawyers in their area to find someone who you think would be a good fit for them. From there, your parents can contact the lawyer and set up an initial appointment, or you can even do that for them.

Contact a Denton County Bankruptcy Attorney

Discussing debt and bankruptcy may be an uncomfortable topic for Father’s Day but may lead to a better life for your parents. This could be a better gift than a tie. At The Page Law Firm, we are prepared to help your parents through the bankruptcy process while protecting their financial future. To schedule a free consultation with a Frisco, Texas, bankruptcy lawyer, call 214-618-2101.

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Do Your Parents Need to File for Bankruptcy?Mother’s Day is coming up this Sunday, and many adult offspring may be wondering what they should do to celebrate the occasion. One nice gesture could be to offer to help your parents with their finances in case they are having trouble with debt, which has become an increasing problem for older adults. According to recent studies, the number of adults age 65 and up who have filed for bankruptcy has tripled since 1991. Your parents may not want to burden you with the knowledge that they are struggling with debt, but their ability to support themselves may be at risk if they do not try to alleviate their debts.

Systematic Problems

One reason that some older adults do not tell others about their financial problems is the social stigma attached to being heavily in debt. There is a misconception amongst some people that personal debt is mostly the result of poor financial decisions. However, many economists have concluded that the rising debt among older adults is because of systematic changes to retirement and healthcare over several decades that have shifted costs and risks to individuals:

  • Many employers have switched their retirement plans from company-backed pensions to 401(k) plans.
  • The age at which people can qualify for Social Security has risen.
  • Health insurers are expecting the insured to pay more of their own medical expenses, while the average cost of those expenses increases.

With these changes, older adults may be forced to take on debt in order to pay for basic expenses, which can make them vulnerable if they have a sudden decrease in income or increase in expenses.

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National Association of Consumer Bancruptcy Attorneys State Bar of Texas
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