By Ullian Associates of The Law Firm of Ullian & Associates, P.C. on June 9, 2015
We occasionally receive telephone calls from people concerned about their aging parent's financial situation. The first step is to sit down with your parent and review their financial records and bills to understand their assets and liabilities. It is also important to know what creditors can and cannot do to collect a debt. Creditors cannot attach social security benefits. Creditors can file lawsuits against the parent and attach a lien on any real estate your parents own.
If bankruptcy seems like a potential option, you can help your parents gather their financial documents. They will need bank statements, pay stubs or proof of social security income, documents showing any retirement accounts, as well the bills from all of their creditors. They may also need to provide a copy of their deed, mortgage, and homestead from the Registry of Deeds. You should also help them get their prior tax returns. Financial problems are a stressful time in someone's life, so a parent will be appreciative of your emotional support.
For more information on bankruptcy or to schedule your free consultation with The Law Firm of Ullian & Associates, P.C., contact us here.