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Please help, my 70 year old in-laws are in almost 100k of debt.
My in-laws are in the negative and I’m trying to figure out the best path forward.
They’re both 70. Fathers in-law has recently been diagnosed with conditions that heavily affect his ability to operate and remember things. Mother in-law works as a preschool teacher. Neither is good with finances, they’ve stuck their head in the sand for half a century. For the first time in about 50 years we sat them down to look over their finances and things look bleak…
They bring in about 50,000 a year combined in social security
Mother in-law makes about 10,000 a year as a preschool teacher. Combined that’s about 5,000 a month.
They have about 15,000 in retirement…
They have 8 credit cards with about 17,000 in debt across them. 1 of them has been charged off but is for 9,500.
Car #1 is a 2014 Subaru Outback (worth 8 grand if we’re lucky) with 14,000 still on the loan. But this vehicles registration has expired and needs to be brought to the mechanic. It was my father in-laws before his health declined.
Car #2 is a 2019 Subaru Legacy (worth 12 grand if we’re lucky) with 5,800 still on the loan. This is what my mother in-law drives to work with.
They have 5 different personal loans they’ve used over the years to help them get by month to month. The loans add up to 57,000. 3 of those loans (which sum up to 26,500) have been charged off. The other 2 loans they’re actively paying each month and add up to 30,500.
They also have recent medical debt due to dad’s health which add up to 4,500.
Total debt=98,300
Not including the charged off debts, they’re paying 2,500 towards those debts a month…
350 for the outback
300 for the legacy
350 for the credit cards
200 for medical debt
1300 for loans
Rent is 2,300 a month.
Bills are 700 a month before groceries and gas etc.
What further complicates this is that my father in-laws recent health conditions now require that he has constant supervision. Which means they either get an aid, mother in-law quits her job, or they move into a facility that can provide that. But at the moment, they bring in around negative 500 a month…
I simply don’t know what to do to help them. Any and all advice is extremely appreciated. This has been a rough weekend for them actually hearing the numbers for the first time ever. Neither of us imagined their situation was this bad.
Thank you thank you thank you!!!
My in-laws are in the negative and I’m trying to figure out the best path forward.
They’re both 70. Fathers in-law has recently been diagnosed with conditions that heavily affect his ability to operate and remember things. Mother in-law works as a preschool teacher. Neither is good with finances, they’ve stuck their head in the sand for half a century. For the first time in about 50 years we sat them down to look over their finances and things look bleak…
They bring in about 50,000 a year combined in social security
Mother in-law makes about 10,000 a year as a preschool teacher. Combined that’s about 5,000 a month.
They have about 15,000 in retirement…
They have 8 credit cards with about 17,000 in debt across them. 1 of them has been charged off but is for 9,500.
Car #1 is a 2014 Subaru Outback (worth 8 grand if we’re lucky) with 14,000 still on the loan. But this vehicles registration has expired and needs to be brought to the mechanic. It was my father in-laws before his health declined.
Car #2 is a 2019 Subaru Legacy (worth 12 grand if we’re lucky) with 5,800 still on the loan. This is what my mother in-law drives to work with.
They have 5 different personal loans they’ve used over the years to help them get by month to month. The loans add up to 57,000. 3 of those loans (which sum up to 26,500) have been charged off. The other 2 loans they’re actively paying each month and add up to 30,500.
They also have recent medical debt due to dad’s health which add up to 4,500.
Total debt=98,300
Not including the charged off debts, they’re paying 2,500 towards those debts a month…
350 for the outback
300 for the legacy
350 for the credit cards
200 for medical debt
1300 for loans
Rent is 2,300 a month.
Bills are 700 a month before groceries and gas etc.
What further complicates this is that my father in-laws recent health conditions now require that he has constant supervision. Which means they either get an aid, mother in-law quits her job, or they move into a facility that can provide that. But at the moment, they bring in around negative 500 a month…
I simply don’t know what to do to help them. Any and all advice is extremely appreciated. This has been a rough weekend for them actually hearing the numbers for the first time ever. Neither of us imagined their situation was this bad.
Thank you thank you thank you!!!
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