QUESTION
Will I be affected if my parents file for a bankruptcy?
Asked on Apr 02nd, 2012 on Bankruptcy - Massachusetts
More details to this question:
My parents are going through a bankruptcy and I had to take my name off of the account for my credit card because they were the listed as the primary and was afraid I would be affected. The same bank that I got the credit card is the bank that I want to create a checking account in. Will I be affected in any way or can my money be taken away?
5 ANSWERS
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Most likely you will not be affected.
Answered on Apr 04th, 2012 at 10:30 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Whatever debts you co-signed for will still be your responsible after your parents file.
Answered on Apr 03rd, 2012 at 1:44 PM
Bankruptcy Attorney serving Torrance, CA
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Kalra Law Firm Professional Corporation
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It should not affect you. However, credit card in your name and your parents, cbeck your credit report to verify, if you were jointly responsible for debt. You call and verify with cteditor.
Answered on Apr 03rd, 2012 at 12:28 PM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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If you are contractually obligated with the bank for the purchases made on the credit card then you will be responsible for the debts on the card.
Answered on Apr 03rd, 2012 at 11:54 AM
Unless you are a co-signor or guarantor on a debt of your parents, their bankruptcy should have no effect on you or your credit. You should have them ask their bankruptcy attorney about the specific facts of the situation just to be safe.
Answered on Apr 03rd, 2012 at 11:50 AM