Dad declared bankruptcy.

cube1067October 26, 2005

Well, the saga of my 72-year-old father's life-long poor money skills continues with his declaring bankruptcy. I suggested he do so, and for once, he took his daugther's advice. Of course I told him this in August and I mentioned the October 17th spectre. He didn't act until September 22nd, but managed to get filed before October 17th. I had to give him filing money and appraisal money.

Oh, well. I think it's better for him. He's got no money saved, lives on a fixed 30K pension, and had too many credit card bills to handle. He still manages money poorly. I forsee him accepting offers from any new credit cards coming his way.

I wish I could make him learn from his mistakes.

Maybe I'm the one that's supposed to learn from his mistakes.

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joyfulguy

cube1067,

Hi again, friend from way back when.

I'm sorry about your father's pickle.

Not a pleasant situation, for sure.

Isn't it difficult to compehend how someone can continue making the same mistakes over and over?

And as for learning lessons, there's no rule that we can only learn from our own foolish mistakes: we're fortunate if we can, keeping our eyes and ears open, learn from the mistakes that others make.

If we don't boss our money - it'll boss us.

Learning how money works is an interesting hobby - that pays well.

I've spoken here approvingly previously about Canadian MoneySaver, a plain paper magazine with no ads and few illustrations - mostly text. They asked what subscribers wanted, so sponsored seminars with their resource people and meetings of the subscribers in a number of cities. The monthly meeting here was last night.

On Tuesday evening, the editor came to speak in London and offered a number of good ideas about money management and tax savings. Son went with me, daughter wasn't able to.

The overhead transparencies that he used are available at www.canadianmoneysaver.ca/tipsandtools.

A number of useful concepts relevant for everyone, but some of the material is relevant for Canada only.

Have a great weekend, everyone.

ole joyful

    Bookmark   October 27, 2005 at 5:28PM
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steve_o

He still manages money poorly. I forsee him accepting offers from any new credit cards coming his way.

One would think that having bankruptcy on one's credit record would cut down on the credit offers, but I suspect that will not be the case. Is there a way you could quietly put his name on the do-not-send-junk-mail lists? That might cut down on the temptation that arrives in his mailbox.

    Bookmark   October 28, 2005 at 8:51AM
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talley_sue_nyc

seriously, there is also a list that you can sign up for that cuts way back on the credit-card offers. I can't remember where it wsa, but I signed DH & I both up for it, and it worked for a while. Nobody can send us card offers except companies we already do business with.

I think it's worn off, though.

I think one other tactic (or maybe the same one?) is to block credit checks by random credit industry businesses (like credit card companies). Once you block that, then no one can get credit info on you unless they have a specific reason (you've applied for a loan, or something). This keeps credit-card companies from doing speculative searches for likely candidates, and then sending offers in the mail.

Might be worth investigating; I think you have to sign something, so you'd have to get DF to actually DO the request, but maybe you could get him to.

    Bookmark   November 8, 2005 at 12:19PM
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