Elderly parents and their debt

June 8th, 2008 by Questions

I am asking this concerning my parents.
My Mother is 84 had kidney out last year to cancer is not in good health, my Dad is 82 and just diagnosed with lung cancer.
They have a total of about $40,000 in credit card debt and a bank loan, they pay out about $1,400 in payments which leaves them about $2,400 month for everything else, they rent and do not have own home. My Mother has people at the local bank (from where the loan was granted) whom she considers friends and feels ashamed if they should find out. First question, I believe they are good candidates for a consumer proposal or even bankruptcy thought they are from the old school and this would be even harder on them. What is the best route. Second question would the people at the local bank necessarily find out.

Posted from: British Columbia

Questions

One Response to “Elderly parents and their debt”



June 09, 2008 at 7:03 am, A licensed trustee said:

Your best course of action is going to be to contact a trustee in your area (by phone or e-mail) to discuss the specifics of your parent’s situation. Then, you’ll need to convicne your parents that they should go and see the trustee in person. A consumer proposal or bankruptcy may be the solution you/they decide on, but it may be that they decide to do nothing at all once they know the laws regarding pension income.

Good luck sorting this out.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)