How to save your family’s $200 million in debt after a childwearing bankruptcy

A family’s life savings is being wiped out by a $200m credit card debt incurred when they let their two children watch cartoons, a bankruptcy expert says.

It’s the worst case scenario, said John Batson, a property lawyer in Melbourne who specializes in debt collection.

“The debt is not even considered when they apply for the loan, so it’s like a blank check,” Mr Batson said.

Mr Batson has advised dozens of families, including his own.

He has seen hundreds of families take out loans from a variety of banks, including AIG, Citibank, HSBC, Morgan Stanley, TD Bank and Westpac.

After the children left home, the debt was quickly paid off with interest.

They had the cash, they had the house, they just needed to make sure that they were paying it back on time and in full,” Mr Mather said.

He said many families in his business were now “scrambling to figure out what to do” to help.

If you have a family debt that has been paid off, you’re now scrambling to figure it out, Mr Mathorson said.

Topics:consumer-finance,debt-collection,financial-troubles,business-economics-and-futures,consumer-protection,credit-reporting,financial_marketing,consumer,relief-and_aid-and‐poverty,caring-industry,families,human-interest,children,childrens-health,familiars-and-,parental-issues,relationships,familial-disorders,community-andamp;children,melbourne-3000More stories from Victoria