A common question many seniors and their families have is if parental debt can be passed to adult children. The short answer to that question is no, as long as the adult children did not co-sign for the debt. Wanting to take care of the debt is understandable however. So here are some thing’s to look for when debt seems to be overwhelming you or a loved one on a fixed income.

Whom is the Debt With?

This is a critical question when dealing with debt. Different types of debt need to be dealt with differently. Credit cards are going to be an entirely different matter to settle than say debt with a contractor for home improvements that were done.

Also, depending on the type of debt, a different level of urgency can be applied. This will let you prioritize who should be paid and when.

Why Was the Debt Incurred?

The next thing to look at is the cause of the debt. Were credit card bills run up to pay for medical services and medication? Are they due to some sort of reoccurring service, like lawn care, that can be eliminated?

These types of questions will help to you to eliminate sources of debt that do not need to be there, as well as make arrangement with creditors.Many creditors are willing to make special arrangements for people on a fixed income to pay reduced or smaller amounts.

For any legal questions dealing with elderly debt, contact Stano Law Group today.