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 7 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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