It is very possible that bankruptcy could result in a lower monthly payment, or possibly even no payment by your parents.
It all depends on which chapter they are eligible for which depends on their exact income, expenses and value of their assets, as well as other factors.
The only way to determine whether bankruptcy is their best option is for them to have a consultation with an experienced bankruptcy attorney in their area.
Mark Markus has been practicing exclusively bankruptcy law in California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.
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