QUESTION
Will I be in trouble for my relative's debts?
Asked on May 27th, 2012 on Bankruptcy - Colorado
More details to this question:
A relative facing foreclosure and bankruptcy needs a place to stay, and I've agreed to let them move into my spare room. All bills will remain under my name, but I'm curious to know if the debts my relative has will have any affect on me or on my credit report. I've worked hard to be in the financial position I'm in and do not want to have any impact from this.
19 ANSWERS
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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If you have any joint debt, then you owe the money. But if you are not on the bills for any of your friend's, then the debt has nothing to do with you.
Answered on Jun 11th, 2012 at 10:40 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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No, those debts are your relative's debts, not yours.
Answered on Jun 07th, 2012 at 8:45 PM
Marriage & Prenuptials Attorney serving Charleston, SC
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Evan Guthrie Law Firm
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They can move in and it will not affect your financial situation. As long as all bills and property remains in your name only there should be no problem, but you will have to keep watch out that your name or address is not used without your permission. You would have to cosign or take on responsibility for their debts or give them joint ownership of any of your assets for their debts to affect you personally.
Answered on Jun 07th, 2012 at 8:34 PM
Should not be a problem.
Answered on Jun 07th, 2012 at 8:09 PM
Very nice person and very wise question. No, your relative's debts are not yours and don't let any silly bill collector or anyone else tell you otherwise. The key to all of this is to never, ever, no matter what co-sign for these relatives for anything. If you do, as sure as the sun rises in the east and sets in the west, those debts will become yours before the crocus blooms through the snow.
Answered on Jun 07th, 2012 at 3:33 PM
Barbara A. Fontaine
You are only responsible for debts YOU make. Be sure you do not sign any loans for them.
Answered on Jun 07th, 2012 at 2:41 PM
Glen Edward Ashman
You should be fine as long as you keep your finances separate.
Answered on Jun 07th, 2012 at 2:37 PM
Burton J. Green
The answer is "no". Your relative's debts are his/her. Living with you does not make you liable for his/her debts.
Answered on Jun 07th, 2012 at 2:27 PM
No impact on you unless you signed or cosigned for the relative's debt.
Answered on Jun 07th, 2012 at 2:13 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Moving a relative into a spare room does not make you responsible for their debt.
Answered on Jun 07th, 2012 at 12:25 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Your credit should not be affected unless you guaranteed or co-signed any of your relative's debts. It is wonderful that you are willing to offer them a place to live. This is a very tough economic times and many people are in your relative's same shoes.
Answered on Jun 07th, 2012 at 1:40 AM
You relative's debts have nothing to do with you as long as you don't make an independent promise to pay any of them. Helping him out with a place to stay doesn't make you responsible for his debts.
Answered on Jun 07th, 2012 at 1:21 AM
Bankruptcy Attorney serving Columbus, OH
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The Needleman Law Office
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If you did not cosign the debts you will not be responsible.
Answered on Jun 07th, 2012 at 1:20 AM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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No, if you have not co-signed for any of your relative's debts, then you have no responsibility for them and they won't effect you.
Answered on Jun 07th, 2012 at 1:16 AM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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No, as long as your not a borrower or co-signor on any of the debts.
Answered on Jun 07th, 2012 at 1:11 AM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Unless you are a co-signer on the debts, you should not be liable. In addition a foreclosure is taken against the property and they generally cannot proceed to collect against your relative unless there was fraud. Your relative should consult a bankruptcy attorney.
Answered on Jun 07th, 2012 at 1:10 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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Unless you co-sign you are not liable on someone else's debts with the exception of community property.
Answered on Jun 07th, 2012 at 1:07 AM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Your relative's debts will not affect you unless you were a co-signor on the account.
Answered on Jun 07th, 2012 at 1:02 AM
Daniel James Wilson
You will not be punished for your generosity.
Answered on Jun 07th, 2012 at 12:59 AM