Baby Boomers Supporting Live-In Adult Children
By Wine Country Family Law & Bankruptcy Office, P.C. on July 18th, 2020 in
My clients, a middle-aged couple, were the sole support of their two adult children and their grandchildren, while only one of my clients was employed and the other spouse was disabled. Over the course of several years, my clients ran up significant debt trying to support a household of nine. Although my client had a well-paying job in the tech industry, that income only went so far in trying to support so many of his family members. My clients were extremely stressed out over their family and financial situation.
They decided to give up their house in bankruptcy and rent for much less than they were paying on their mortgages. As a result of my clients filing chapter 7 bankruptcy, one of the children and family found subsidized housing elsewhere and the other adult child applied for governmental assistance in order to help with the household expenses. They lived rent and mortgage free in their house for several months while the home surrender was pending. Over $75,000 in unsecured debt was discharged in their case and they now all live in their own rental units.