parents in financial difficulty
my parents are both working minimum wage jobs and own a condo that they are mortgaging. the car is a lease.
they are having trouble making monthly payments for insurance, condo maintenance fees, car payments and mortgage. i work full time and i try to helpl them out. recently i decid to pay off their accumulated property tax. i have my own student loans to pay off so i dont think i can help minimize their debt.
woold filing for bankrupty their best option? and if they do, will the they lose their home? the home is under my dad, my mom and my name.
Posted from: Ontario
Bankruptcy may be an option for your parents, but the first thing to do is to have them sit down with a professional to review their situation. I suggest you call a trustee, but if you are not comfortable doing so you might ask a loans officer at a bank, a credit counsellor or an accountant for help.