Reply #7: Those are liabilities

[Coyote_Bandit]

which will most likely be discharged rather than restructured in any bankruptcy proceeding.

Your Dad will not be left without access to health care unlike millions of working taxpayers who will fund his Medicare coverage. And your Dad will also qualify for Social Security benefits. He may be forced to change his liefstyle but he will still have an income and health care. That puts him in a far better position than millions of unemployed folks.