Financial planning when parents are in trouble

Financial planning when parents are in trouble

My husband and I are in relatively good financial shape. We both work in stable jobs, have no consumer debt (student loans and a small car loan are our only debts) and have been saving toward buying our first property. We currently have a bid on a condo that we are waiting to hear about. We put in our offer in February, and are waiting for the seller's bank to agree/counter (it's a short sale). Right now, we are managing to save about 1/3-1/2 of our income though we're only about halfway to where I'd like our savings to be. If this offer gets approved, we will still have a decent leftover after all the bills, but not nearly as much. All of our extra will be going to beef up our emergency cash fund and our retirement plans. A few weeks ago, my parents (both in their mid-50s) had their taxes done and they are in a whole boatload of trouble. They already have about $40K in credit card debt, very little in cash savings, tiny retirement funds and they don't own property so they have nothing to pay down their tax liability except paying it with a credit card and adding to their debt. My father owns a franchise store, which may be closed by the franchise in November because of increased rent on his property. My mother works for a non-profit that's in serious financial trouble and is going through layoffs. She doesn't think she'll be fired due to her position, but anything's possible and her salary is meager to begin with, so she works 3 jobs as it is. My husband and I are willing to wait on buying a place and give them our savings to help pay off some of their debt, but they will not take it. They would rather we buy our condo and go on with our lives and they will figure out how to fix their situation. I can't force a check on them but if they end up in the worst case scenario, they will be bankrupt and with nowhere to go except to us. My father is in utter denial and refuses to do anything to cut their costs that my mother is telling him they need to do (they pay exorbitant rent but he refuses to move, refuses to cancel $200/month cable, etc.) and my mother can't do anything singlehandedly. And what keeps me up at night with all this is trying to figure out what my husband and I should do. If our condo offer goes forward, we will have pretty little left by way of cash and it will take longer to build that fund back up because of the increased costs of our mortgage. We're OK with this, since our own liabilities are tiny, but what if my parents end up facing bankruptcy? We will have very little, if anything, with which to help them out. So part of me is thinking of continuing to rent and to save and hope that prices don't skyrocket in our area like they did before the crash and that we'll be able to afford to buy in a few years but then that cycles to how much will we really save if they do end up facing bankruptcy and need our help. None of this even includes the fact that my husband's parents are living paycheck to paycheck too and will likely need our support down the line too. Wow, that got long, I'm sorry. I guess I'm just looking for insights, experiences. I'm a total loss with this...
Lenten Rose (Hellebore)

Lenten Rose (Hellebore)

What is this life if, full of care

What is this life if, full of care

Wood Blewit Mushrooms

Wood Blewit Mushrooms

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Seeking some advice

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Plant Identity

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