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If the parents are married, then whatever they own jointly is subject to attachment by a lender.....plus one spouse's bad credit will impact the other's. So not a good plan.<<
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Well, don’t put paychecks into joint accounts, and don’t own things jointly. A salary can’t be garnished because of the debts of another. You can keep one spouse’s credit separate from the others but it takes planning and organization.
Since the early 70’s credit of spouses has been allowed to be separate and to be kept separate. My parents have done it for 40 years because my father has terrible credit (and he won’t change) and my mother has good credit.