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See, a property can be garnished only when a judgment has been achieved. If the creditor has achieved a judgment against your parents, then the money should go to them.
However, see if you can help your parents to get to a discussion with their creditors and work on a repayment plan. I've gone through the experiences of so many people who've gone for the bankruptcy option.
It's true. Once a judgment is achieved then your property or wages can be garnished.