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serenityNOW's avatar

If I file for bankruptcy, can this effect my family (see details...)

Asked by serenityNOW (3419 points ) January 30th, 2013

Quick question: I live at home these days. In terms of filing bankruptcy: will this effect my parents at all, financially? Does it put them in jeopardy, money-wise/credit-wise? I’m consulting with a lawyer but not till next week. The Internet answers are confusing. My mother is very overwrought, so I figured a jellie might know?

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7 Answers

WestRiverrat's avatar

If your parents are not cosignees and you are over 21 they will be fine in most states. There are a couple states that have weird laws. I forget which state it is but one state makes the parents responsible for their children’s debts until the kids are 50.

Most likely they will not be affected, but your lawyer can give you a better answer if you live in one of the handful of states that extend the age at which the parents are responsible.

serenityNOW's avatar

Well, I’m in New York.

serenityNOW's avatar

@WestRiverrat – I’m going to try the lawyer tomorrow, see if he has a moment to chat. Thanks for the help :)

Nially_Bob's avatar

I know it’s a bit of a cop-out sorry, but your best bet is to just discuss the matter with your lawyer; as WestRiverrat mentioned, state laws can differ significantly and you’re unlikely to get a credible response here or anywhere else on the internet outside of bumping into a New York state lawyer or a major New York law enthusiast.

At an educated guess I would think your parents are fine unless their signatures are on any of your legal paperwork. Best of luck with everything though, my friend declared bankruptcy a year or so ago and it really helped her out.

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Judi's avatar

It should not effect them unless you own anything with them as your assets can be seized. The oher problem that I have seen happen is when a child shares a name with a parent. The credit bureau sometimes gets the people mixed up, especially if they have the same address.
I know nothing about New York law though so don’t rely on any information you get here. (Unless someone researches NewYork Bankruptcy Law and finds you a reputable link.)

hearkat's avatar

I lived with my mother when I went through bankruptcy in my 30s, and it had no effect on her (I’m in NJ).

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