Please refrain from making rude, judgmental comments - I didn't put myself in this predicament, I'm only looking for information.
My parents are currently in the process of filing for Chapter 13 bankruptcy (debt reorganization). This is as a result of my mother's compulsive gambling behavior, which she has undergone counseling for and banned herself from local casinos, however the lasting damage is done. Despite having a decent income ($100,000 combined) and consequently a rather high EFC ($24,000), they find themselves struggling to make ends meet.
I realize that it was my mother's choice, but it truly is a disorder. I've witnessed other family members with the same affliction.. it's like alcoholism.
My question is, how will this affect my financial aid? I realize that they won't be able to cosign for me for student loans (My sibling is prepared to do that, though on a much lower scale). Will colleges take this bankruptcy into consideration if I appeal to them, since my parent's finances will be handled for a court-appointed trustee and will be able to contribute very little to my college education while paying off their debt?
I just feel... trapped. Since I can't expect my family to contribute or accrue debt for me, nor can I even manage to take out the debt on my own behalf.
I wrote about this for my college admissions essay (and was accepted to 13/13 schools!)
Adding further to the problem, is both my parents are working two jobs each right now to try and pay off their debt, yet they won't really get anywhere, because it'll only increase their EFC and taxes, unfortunately.
I'm not looking for judgmental posts, because frankly I'm a high school kid who's just looking for guidance and I don't deserve that. But any help or insight that someone may have would be GREATLY appreciated.