Should he go with bankruptcy?

My pops lost his job earlier this year due his boss's stupidity managing the business not because of the recession. He has always been the one supporting the family with his job for so many years. I'm struggling to make ends meet with my piece of crap job myself then I am drowning in student loan debts and many others. My brother has a really good paying job working at a steel plant. Mom doesn't work because she is on disability and never ever seriously worked when she was able to work except two jobs she had in my whole lifetime. That was nearly two decades ago. That is more hurt to the wound also. My brother gave my dad an option that maybe he should file for bankruptcy to bail himself out of the hardships the family is dealing with. I know nothing about bankruptcy nor how that would help him out. Only my brother knows about that since it was his idea.

My brother came to me tonight saying things will get tough here at home because he can't continue pulling all the weight paying all the bills my dad used to pay. Even if I do step in and take my brother's place keeping the family surviving, that is still not going to be any better. The reason is because I too will have to forever be stuck in this rut we are in as long as my dad is messed up. Dad is doing his best working a part time job and doing some his side business he has at home. The money he makes total is not enough. I have my own debts that needs to be paid off. I also want to be able to live my life the way I should being on my own. I am all grown up now and it is way past my time to move out and live my life like I wished and hoped for. I never wanted to be stuck at home growing older ever year. All I'm saying is that if my brother get to the point where he can no longer help out then that would put me in the position to keep this family afloat. I don't mind doing it, but it is not something I can continue doing for the rest of my life just for the sake of keeping all the debts paid on time.

Update:

David most of my debt came from student loans and car payments on an older used model, car insurance, etc. My job is crap because it does not pay enough to live on. Yes my hardwork getting a degree has gone to waste. I'm not getting any luck finding work related to me degree or any other work.

4 Answers

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  • 1 decade ago
    Favorite Answer

    Where did your debt come from? Why do you have such a poor career? I understand your concern for your father, but what about your own situation? Will you be forever digging yourself out of your own hole? Can you improve your career? Can you pay down your debt? If you borrowed all this money for your education to get ahead why do you have (in your own words) a piece of crap job? Was your education wasted?

    Once you get your own situation in order you may be in a better position to help out than you realize. Good luck.

  • 1 decade ago

    Do not assume your dad's debts. He needs to make sure that he has these things paid for

    Food

    Shelter

    Utilities and I don't mean cable

    Transportation

    Everything else can fall through the cracks if it must. Do not co-sign for anything for your father. If he goes bankrupt -- you do not need your name on anything.

    Next thing you need to realize is this economy will turn around. You need to be paying off your own debts as fast as you can. List them smallest to largest and pay those suckers off.

  • Anonymous
    1 decade ago

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  • Vic J
    Lv 5
    1 decade ago

    Do not assume anyone's debts. That will solve nothing. Help when you can, but make sure you and Dad are paying living expenses first (food, shelter, utilities, etc.).

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