In the past, once the kids became of age they moved out, got a job and supported themselves. Lately, there has been a reemergence of adult children moving in with their parents. It's easy to understand some of the reasons for this phenomenon. With our current economy, many young adults and families went out and over extended themselves buying their dream home just to find out that the bottom dropped out of the market and they could no longer afford it. After losing their home to foreclosure and filing for bankruptcy, they have no other choice but to move in with mom and dad. Over the last 15 years, the word no was virtually nonexistent. When an individual applied for a credit card, the question would be how much would you like your limit to be? Never would it be, can you afford it? The reality check came when in 2007 the bank started noticing that all the paper they were holding was worthless. What they had created was a giant credit and real estate bubble that was ready to burst. Then it happened, and the rest was history. The real estate bubble affected all factions of the economy all the way down to the local municipalities.
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Now, after many of these young families have moved in with their retired parents, the parents have had to start looking for work because of having the extra mouths to feed. When they retired, they knew how much money they can count on for their expenses each month, which didn't include paying for their adult children. With all these extra expenses and no jobs to be found, many of these retirees have been forced to hire a bankruptcy attorney to protect what's left by filing for bankruptcy. Usually, by the time this happens the parents have tapped into their home equity which was previously paid off. They have also run up their credit cards hoping that the situation would change and get better. When you're on a fixed income it's impossible to cover the expenses of any additional people. At some point, they find themselves unable to pay their bills and being buried under a mountain of debt. Since they refinanced their home, there's a chance they might even be in danger of losing it to foreclosure. The only option at this point is to file for bankruptcy.
What's sad is, these retired parents are not filing bankruptcy because of overspending on unnecessary luxury items, but just having too much love for their children and not being able to say no. Looking back, if the kids had just seen the warning signs and contacted a bankruptcy attorney before it was too late all this might not have happened. What's even worse is, this story is being repeated throughout the country and getting worse. Before ending up in a bankruptcy filing, the parent on a fixed income needs to make the tough choices and lay some ground rules before allowing this to happen. It's tough to expect an individual to go back to work at retirement age to support an additional family, especially if the kids aren't even looking for work or unwilling to work because the jobs available don't pay enough.
Discussing this matter with a bankruptcy attorney will help everyone understand that all the members of the family have to help and pool their resources. Trying to solve one person's financial trouble will just drag another one down.
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