California | Bankruptcy
Legal Question
keep on lending son money or Ch 7
My son is in his twenties. He owes $26,000 in credit card debt. His living expences are about $1650 and his income is about $1850. Credit card payments are about $600 paying the minimum. In September, he came to me for help. Called the companies and tried to reduce the %rate. Not much help. I spent about $4500 and now the balances have increased on 4 out of 6 cards. In other words, he owes more now than he did then. I told him I would lend him about $7,000 more to pay off one card and pay down two more. I am getting a home equity loan.
My son owns nothing but his clothes and a car that is his world. He does not really own the car - he makes care payments. But it is the only thing he has; he loves it and needs it to get to work. He couldn't handle losing his car. If he declares bankruptcy, could he keep the car?
Should I keep lending him money? We don't feel it is very honorable to not pay what you owe. But I worry about my ability to pay off my debts. I am 57 and single. My other son is younger and in college.
Please advise.
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