My family has $100,000 in debts! What to do?

Hi everyone!

I%26#039;m 19 years old and my parents declared personal bankruptcy a few months ago because we had 250,000 dollars in dept. We got rid of the credit card debt but we still have 100,000 left in personal loans. :(

My father is depressed and doesn%26#039;t work. Long story. He is a computer scientist by profession. So I want to know what can I do???? My mom has a baby so she doesn%26#039;t work.

Any advice would be appreciated.

My family is falling apart.

My family has $100,000 in debts! What to do?

How do you wind up with $100,000 left in debt after a bankruptcy? That should have been discharged with the bankruptcy.

I don%26#039;t know how you get your father to go to work but that%26#039;s going to be the first thing he needs to do. A 19 year old should not have to be paying off their parents debt.

What are they living on right now if no one is working?

Stop saying %26quot;We%26quot; have this much debt. It is not your debt. It is theirs. I know you are trying to help here but this is way too much burden for a 19 year old to take on. About the only thing you CAN do is try to somehow encourage your father to go get a job. Any job. Sitting home all day will make him more depressed.

How are they paying the rent or mortgage? Who%26#039;s paying for food, electricity, gas, etc.?

It is very unfair for you to be burdened with this because your parents messed up their lives. Your Dad needs to get a job and you can%26#039;t do that for him. He is going to have to go out and apply for one.

My family has $100,000 in debts! What to do?

Well, you need some sort of income so SOMEONE is going to have to get a job. Then create a budget and live very cheaply, downsizing your home and selling things that you don%26#039;t need...trade in any expensive cars and get cheap used reliable ones instead...Read Dave Ramsey%26#039;s Total Money Makeover...it will change your life.

My family has $100,000 in debts! What to do?

First....cancel your internet service, your cell phones, your cable tv, and all other %26quot;luxuries%26quot;...it can free up hundreds of dollars a month...if they smoke...they must quite (I could care less about the health reasons) - its about saving money

Yes you can live with out them...Your dad needs to grow up and get his but working again...doesnt matter if he works at McDonalds...He is the problem...he maybe depressed now...but he will be even worse if he sits in his own mess feeling sorry for himself

Your mother can probably earn more then you can so tell her to get a job also and you will start to baby sit...

How many cars do you have? Your family only needs 1...parents can carpool together

My family has $100,000 in debts! What to do?

Hire a Mexican Babysitter and your mother and yourself should get a job.