Both my folks are in their 80's and now cannot meet their credit card payments. They have no income other than social security and nothing of worth in their name. The house was turned over to both me (son) and my sister 5 years ago this month and so was the 20 year old automobile last year.
They were told not to declare bankrupcy since they have nothing of value and no income from a job and no bank accounts and basically told there was nothing the CC companies can do.
The credit card debt is appoximately 100K total from 10 different cards. All charges were basically for necessities, food and medical supplies and payments.
Is the information correct that since the children did not co-sign anything with their parents they are not responsible for the debts of their parents?