Recently my in-laws made us aware of their dire financial situation. They've been getting by and keeping their situation to themselves, until now. We asked for their financial data so we can research and help put together a plan for them, as their current situation is unsustainable. Our parents are underwater on their house, they have maxed out credit cards, and cannot pay the bills associated with the house with their social security and pension. We want to figure out their options in terms of the house and debt. We've begun to research banruptcy, short sales, etc, however, we're overwhelmed as we're not very knowledge about all this to begin with. Can anyone suggest a place to focus my research and/or who I might reach out to for help?
Thanks for any thoughts!