Parents are in quite a bit of debt
March 15th, 2009 by Questions
My Parents have $69,000 of unsecured debt. They have no real assets other than apartment contents and a vehicle less than $3000. One has an income of $35,000 and the other lost their job but is on govt retirement income. The one cannot find a job because medical conditions hinder his capability.
They HATE the idea of bankruptcy. They tried to consolidate but things ran up again. Suggestions? I see credit councilling or deb settlement may be an option for them but they see anything close to `Bankruptcy` as `bad` for the image. Ideas? Would a proper credit councellor negotiate for them? Would debt settlement be a viable option, yet they could still live a good life? They are also both close to 65 (age).
Posted from: Ontario