Parents Going Through Bankruptcy

Parents Going Through Bankruptcy

Hello, I have a few questions regarding my parents and their sudden decision to file for bankruptcy. This information came as an absolute shock to my wife and I. My dad called to let us know that he and my mother are filing for bankruptcy and he insisted that there is nothing to worry about and asked me to keep this information confidential in our family. My parents have always had an average combined income, my mother retired five years ago and my father retired two years ago. He explained that they have debt that they can no longer hide and they are unable to keep up payments. I just have difficulty believing that this is the best option for them. I want to research options and help my parents get out of this financial situation. What do you suggest I do to help my parents with their finances or what initial steps do they need to take?  Thanks for your time and advice.     MB

Dear MB,

It is always a smart idea to research options and also important to review options with your parents instead of for your parents. We usually make recommendations based on a case-by-case situation. It is important to talk to a licensed trustee in bankruptcy. There are several options to consider before filing for bankruptcy and usually a Consumer Proposal is an important option to consider. However, in order to best serve your parents, we would have to take a closer look at their tax returns, annual budget and combined debt and income to obtain a better understanding in order to give proper guidance and advice. We hope this will help you with the first few steps.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years. 

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