Should my parent declare bankruptcy?

I don't really know about bankruptcy. My parent doesn't either. But they're $70k in debt to lenders and family. They're taking out more loans just to make rent. They have no assets or skills. Just a high-school diploma. They say they wont declare bankruptcy because they're getting buy just fine on getting higher and higher intest loans. Credit is is the 500s. Whats so bad about bankruptcy as compared to just getting more and more in debt?

I do not live with them, but they do have a 10 y/o and wife (neither work)