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Family Loans in Bankruptcy

How Bankruptcy may Help when You Owe Your Parents

Have you had to borrow money from your parents to catch up on past-due balances and staggering credit card debt?

Do you worry that borrowing money is hurting your parents' quality of life?

Has your financial reliance created stress or damaged your relationship with your parents?

If any of these situations sound familiar, remember you're not alone.

You May Be Able to Break Free from Financial Dependence

Many parents are providing significant financial support for their adult children. U.S. government statistics reveal that parents provide a yearly average of $2,323 for children 25 and 26 years old and $1,556 for adult children 33 and 34 years.

And according to DowJones', a recent survey of 5,400 adults seems to indicate that those numbers may be higher:

  • Forty-five percent of middle-aged workers surveyed provide an average of $2,500 in financial support to their adult children each year, as reported in the story (view more family borrowing statistics).

Could Filing Bankruptcy be the First Step Toward True Financial Independence?

The U.S. Bankruptcy Code works to help people in financial trouble get back on track through Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7 bankruptcy has helped millions of families get a fresh financial start by discharging unsecured debts like credit card debt, payday loans and medical bills.

For others, Chapter 13 bankruptcy has helped stop foreclosure and repossession by providing more time to catch up on late payments through a repayment plan that covers all types of debt.

Find Out Whether Bankruptcy Could Help You Eliminate Debt & Protect Your Parents' Future

You've already taken the first step to possibly restoring your finances by visiting this site — now let us take you to the next step: finding a local bankruptcy lawyer. Simply fill out the form below and we'll work to connect you with a personal bankruptcy attorney in your area.

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