What to do if I need to file bankruptcy for my own personal debt?
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What to do if I need to file bankruptcy for my own personal debt?
Will the fact that I live in my son’s house and have been the sole support of him and the household because he has been out of work for the past several years have an impact on my filing? It would cost me more to have my own apartment.
Asked on April 3, 2014 under Bankruptcy Law, Maine
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
Yes, the situation you describe could have an impact on your bankruptcy in one or more of the following ways:
1) It could possibly be taken that if you are paying for your son's home, that it is in part an asset of yours.
2) It could be taken that you are trying to defraud creditors by hiding assets (e.g. that the house is actually yours, but you have it in his name to hide it from creditors).
3) A court may refuse to acknowledge the amounts you pay for or on behalf of your son as legitimate expenses of yours, since they are not *your* expenses--they are his. (You may feel it's right to pay for him, but it's not your legal obligation to do so.) This could affect any plan that would be approved.
Bankruptcy can be very technical and complicated. You are advised to consult with a bankruptcy attorney before filing.
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