I am a firm believer that parents should never, ever, ever (is that clear enough) take on debt to support their adult children. It does not make financial sense for a generation nearing the end of its earning years to take on debt to support a generation with a full working life ahead.
That said, I know that some parents don’t heed this advice. They DO take on debt to support their adult kids, and they may find themselves in way over their heads.
If this has happened to you, you need to get your financial situation sorted out. John Skiba of Skiba Law Group has written an article explaining how to proceed with bankruptcy if you find yourself in this situation. You can find his information here.
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