Are you concerned with the size of your parent(s)’s debt? It can be difficult for older people to keep on top of their finances on a fixed income. This is especially true if medical bills or credit card bills become too much to handle. If you are looking for ways to help your parent(s) deal with debt, we have some tips for what to do:
1. Offer Assistance
If you are in a financial position to help your parents, you may want to consider offering assistance. Things like buying groceries, paying for prescriptions, or contributing to an emergency fund can go a long way.
However, be sure that you only help out if you are able. You do not want to put your own financial security at risk. Be sure to continue safeguarding your own retirement. You want to avoid ending up in the same financial situation.
2. Utilize Local Resources
There are local community and government resources available for seniors. Examples of financial relief available include meal deliveries, prescription drug assistance, in-home care, and/or subsidized bills. There are even free apps available to create workable budget plans.
3. Assign Roles to Family
If you have siblings or other relatives willing to offer assistance, you can assign roles to help your parent(s) manage their finances and daily needs. You can split different monthly bills among your desired team or even contribute a small amount of cash to fo towards bills and food. Even helping to make small repairs around the home can save your parent(s) a lot of money to go towards paying off debt.
4. Make Future Plans
It can be difficult to plan for a time where your parent(s) may not be able to handle their affairs alone. However, it is good to have a plan for who will be taking on the future financial responsibility for your parent(s). The person(s) who takes on this responsibility may want to look into savings accounts for future care or even types of long-term care insurance.
5. Speak With a Qualified Bankruptcy Attorney
You may want to go with your parent(s) to meet with a bankruptcy attorney. Filing for bankruptcy can be an amazing option for removing or greatly reducing debt, especially if your parent(s) have an excessive amount of credit card and/or medical debt. Also, most attorneys offer free consultations. Take advantage and speak with a qualified bankruptcy attorney to find out what options will work best for your parent(s).
Need More Information?
At the Law Office of Daniela Romero, we believe in relationships that are based on trust. Before we work together, we would like to get to know you and we would like you to get to know us. We want you to be sure you are the right fit for us and that we are the perfect fit for you. This will allow you to be completely comfortable sharing intimate and difficult details of your case, so we can offer you representation to the fullest extent of the law. Call us today to set up a free consultation.