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The Ramsey Show Highlights

Am I Responsible For My Parents' Bankruptcy?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 20 April 2025

⏱️ 7 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

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0:10.0

So back when I was going to college, my parents and I took out student loans to pay for them.

0:15.8

When taking out the loans, there is no conversation about me having any responsibility for the parent portion

0:21.9

of the loans. Now, six years later, my parents are blaming my sisters and I for not having

0:28.5

any money in retirement and for filing bankruptcy and saying that after all of that, we're going

0:34.9

to have to take over the loans because it's, they shouldn't have to worry

0:38.6

about that this time in their lives. And I told them no, but that caused a bunch of arguments.

0:44.0

And I suggested family counseling and that was rejected to. And I guess just want to know,

0:51.2

are we in the wrong? Having tried to help them, it seems like they have no willingness to change and letting

0:59.2

money come between the family.

1:03.1

Now, what they've done is gross to put that on you.

1:06.0

You are not the solution to their financial mess, and they're just in a real pickle and looking at their pile

1:12.1

of debts going, well, if the kids didn't cause all of this harm to us, we would have been in a

1:16.5

very different place. The truth is they've been reckless for a long time with their money.

1:21.7

They didn't have a conversation about what was going to happen with college and student

1:25.3

loans. They decided to take on all of the debt

1:28.3

in their name only with this Parent Plus loan with crazy high interest and now they want to

1:33.7

pin it on you when they're in a bind. I'm not buying it. And I'm guessing the relationship with your

1:37.9

parents has not been great for a long time. That is correct. Yes. It's been transactional and very well.

1:45.0

Look at what we did for you and this is what you have to do for us.

1:48.1

And I'm also guessing there is a lot more debt laying around here than just these Parent Plus loans.

1:54.7

I only recommend term life insurance because it's simple, affordable coverage.

...

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