In Southwest Florida, we are seeing quite a few more people filing for bankruptcy who are in their golden years. The trend is somewhat disturbing. Although there are many reasons that these individuals have no alternative but to file bankruptcy, a theme is starting to develop. These parents, grandparents, and sometimes, great-grandparents are using all of their savings, equity in their homes and credit cards to help their children or grandchildren pay their bills.
Sometimes it is the children returning home, and sometimes it is the children needing help after they have established themselves outside of the parents home. Either way, it is usually easier to turn to a family member when you need some help financially.
Medical bills, mortgage payments, loss of jobs, and divorce are often the impetus for the children or grand children to turn to grandma or grandpa and ask for help. Even though grandma and grandpa are not financially stable themselves, they seek to do the right thing and help out their family members. The problem is that grandma and grandpa usually don’t ask for the money to be repaid in a timely fashion.
Unfortunately, grandma and grandpa are usually left holding the bag, and when the bill collectors are calling they have nowhere to turn.
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