Depending on what chapter the bankruptcy was filed under, I'm assuming Chapter 7, liquidation, the bankruptcy court appoints a trustee to break up the assets owned by your parents and distribute it to creditors.Aside from essential assets such as tools of the trade, home, etc. you lose everything to pay off any delinquencies.There are almost no benefits to bankruptcy as it ruins your credit score and makes it almost impossible to receive a loan in the future.Bankruptcy is only a last resort, if all other choices have been exhausted.There are much more implications to bankruptcy I probably left out, but that's the general stuff. ------
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