Supporting Aging Parents With Debt – Grace and Eric’s Story
When Eric was visiting his 78-year old mother Grace, he came across a stack of bills that had piled up on her kitchen table, He started to worry that his mom may be dealing with some financial stress that he wasn’t aware of. While the conversation was a difficult one to start, after a few visits and a growing pile on the table, Eric knew that it was important that he speak with his mother about her financial situation.
Grace admitted to Eric that with the mortgage that still remained on her home after her retirement, as well as some other credit card debt, paired with her reduced income and lack of financial planning going into her retirement, she was now struggling to pay her bills on time (or at all).
Of course, Eric would have loved to be able to monetarily support his mother with her financial struggles, but with three children of his own, a mortgage and car payments, Eric and his wife were hardly in a place to help his mother pay off her debt.
Together, Eric and Grace made a call to Smythe Insolvency and worked with a Licensed Insolvency Trustee to determine the best option for Grace. Carefully taking into consideration Grace’s age, her debt-load, as well as the fact that her income solely consisted of a payment from her Canada Pension Plan and her Old Age Security payment, the Trustee believed that filing for bankruptcy was her best option. Not only would it eliminate Grace’s $53,000 of debt, but it also addressed the Trustee’s main focus which was Grace’s quality of life. Filing for bankruptcy would also eliminate the constant financial stress that she was dealing with.
Eric was able to emotionally support his mother towards resolving her debt and they continue to work together to ensure Grace stays on track with her budget, pays her monthly bills on time and can enjoy her life, free of financial stress.
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