This is about my parents. My parents are both in their mid-50's and are close to retiring...

This is about my parents. My parents are both in their mid-50's and are close to retiring. Every week and month they are stressed by all these credit card bills. I know if we erased our debt, we'd have enough money for a rainy day fund and change. There is no plan for any large purchases so we have no need for credit cards. I can't see any downsides to bankruptcy. They have great job security and they both have cars. No school bills either. Am I missing anything that could be a problem?

Attached: bankruptcy-best-option-story-570x225.jpg (570x225, 26K)

>I know if we erased our debt, we'd have enough money for a rainy day fund and change.

No you wouldn't because

>There is no plan for any large purchases so we have no need for credit cards.

if their credit card debt was a one-time thing, they'd have it paid down. They are Boomers with a compulsive spending habit.

Bankruptcy for your parents is like doing liposuction on a 500 pound fatty who's right back to eating cake the moment they wheel them into post-op.

you can't declare bankruptcy if you have the ability pay off the debt. if you think there would be money left over then it would be taken away.
most cities should have services that negotiate lower interest payments. that along with some better financial habits is your best bet.

Trust me, I know my parents better than you. If they went bankrupt, they would never get back into their old habits. I'm just asking for things im missing from bankruptcy. I don't want your predictions.

>money left over
You mean in the bank at the moment or everywhere that has money stored like retirement, because they don't make enough to build up a savings account.

>close to retiring
>Every week and month they are stressed by all these credit card bills.

why not just pay off all the credit cards from a very small portion of their retirement savings, or if there is some penalty why not just keep paying then pay them off once they can access their retirement savings

Because I dont want my parents to have nothing to their name once they retire like my grandma. I want them to have at least something and enjoy themselves before they move in with me or my brother. Even if they took all their retirement money it wouldn't be enough. They weren't greedy. They wanted the best for me and my brother and sent us to private school before I convinced them to let me go to public school and save them some cash. Everything they did was for us to enjoy our childhood. I want to help them out atm by giving them financial advice and maybe ease their suffering.

believe they can even seize and sell the cars and other personal items if it help pay off the debt.

Ah yeah, thats pretty bad. My ma would lose the car and we'd lose other stuff. Thats a deal breaker. Would the house be up for seizing?

Found the problem. Family has am arrogant attitude. Stay broke or listen, we don't care either way.

Good luck

You are trying to tell me who my parents are. You assume the debt was greedy and being boomers. You shit. Fuck off this thread if all you do insult my parents.

you can just google this stuff for yourself:
>Examples of Nonexempt Assets
>Keep in mind that what qualifies as nonexempt assets can vary from one state to another depending on state law. These items are generally considered nonexempt assets and can be used to repay your creditors:
property that’s not your primary home
a newer model vehicle with equity
expensive musical instruments that aren’t needed for your business
a valuable stamp or coin collection
investments
valuable artwork
expensive clothing
jewelry

again, find a debt relief program. they basically go to the credit card company and say something along the lines of "my client is ready to declare bankruptcy, they're ready to pay X% of owing or they go through with it and you get nothing".

Yea so the most we would lose is the TV in the living room and my mom's car which would only be an issue for a month till they find a cheaper car and a cheap car won't be an issue to find. Thank you for this information. I'll look into it.

What the fuck do you want from us? To just keep answering you until we tell you what you want to hear?

>tfw grandad was multimillionaire tendering marble contracts
>tfw he even did maralago refirb and met trump a few times
>tfw lost it all now has nothing and is letting my poorfag mom whip his ass and wash him whilst he pretends to be disabled

I'm asking for the possible effects of bankruptcy. I'm not asking you what my parents are like. One guy gave me advice. The rest are saying "your parents are greedy assholes and will return to their habits." I don't want to hear what I want to hear, I want unbiased information ffs.

Fucking pay off your debts if you have money. do you have common sense? want the government to loan you moneyy to pay those bills? LOL what a fucking idiot

Quit derailing the thread and answer the question or fuck off this thread. I'm not insulted or angry by your comment if that was your goal.

you're on Jow Forums. what did you expect?
don't even know why you came here, there are better places to ask for help

I'm starting to realize that yea. I just like coming to Jow Forums because the anonymity allows people to give their true opinion and thoughts. No hivemind mentality. It also allows for trolls without consequences.

How did he lose it all?

why would you file a bankruptcy when you have money? oh right, you want quick money

idiot

Alright answers were given and I got the info I needed. Thanks to the one guy that helped and the rest for derailing the thread. Continue doing whatever.

Fuck off with your sarcastic shit

Tbh if you your parents sent you to a private school then theyre pretty retarded desu. If they just moved to the eu and enjoyed free public education tons better than i the us, it would be still cheaper.

Tldr: they're a hunch of retards, even if you'd went to a public schook then you would be fine. Hardship builds character