bancrupcy?

Question

will claiming bancrupcy effect my parents as i live at home.

for those that answered well, and that was useful thanks.
for those that are mardy cunts, with little courage in there life-keep being a sad ****

Answer 1

The only way that you filing for bankruptcy would effect your parents home would be if you co-signed on the loan.

Any accounts that your parents may have that you are a co-signer, joint signer or authorized user will be effected.

Answer 2

Good answers, except for linuxiac. First it sounded like he was just another higher-then-thou moron who doesn't make mistakes in like, and loves to point out others problems.....then it was obvious! He's a credit repair person drumming up business for CCCS! Feel safe in ignoring his dribble...

Note too that he'd rather preach then even answer the very simple and direct question you asked.

Bankruptcy only effect YOUR income, YOUR credit, and YOUR property.

As mentioned, if anyone co-signed for a loan, your bankruptcy does not wipe out that loan. They will go after the co-signer.

The only other way your bankruptcy will effect another person is if you own property that someone else depends on. If you owned the home your parents live in...you could lose it. If you owned the car they depends on for transportation, that's can be lost too.

Just take my advice....ignore these preacher types who will look down on you for filing for bankruptcy. You are in great company and tens of thousands of people have filed over the past year.

Discuss your concerns with an attorney. Many offer an initial 1 hour consultation for free.

Answer 3

Your education is bankrupt. Have you questioned why it is that you choose failure? If it is less than $100 grand of debt. then you are in need of some mental counceling, too. You can earn and pay off that in less than 5 years, even going to Hamburger U.

Bankruptcy excludes all student loans and tax liens. The government knows that someday you will be employed, or on their dole, and they will get their money.

Bankruptcy scars your credit and insurability, for at least 10 years, for everything you want in life, and for ever more you will be denied credit at the creditors whom you default.

So, not knowing your particular situation, my general advice from experience and a vast array of Public Service Announcements that I have been enthralled by, on the TV, is that I recommend that you first ask all these questions of a non-profit organization, called Consumer Credit Counceling Service, that states they are certified to assist you, as a go between or mediator to creditors.

Their professional councelors will, at NO CHARGE to you, look at your balance sheet, mediate reduced credit debt. with the creditors, and help you to meet your obligations. They will negotiate a lock on the accounts, possibly reducing the total owed, and work to reduce the payments to something manageable.

It will also be a learning experience for you, that will help you to manage better for the remainder of your life. None of the creditors want any of those products returned. They are in this for the money. Many are actually only financial firms, banks, who are in the business of money, not cars, homes, appliances, or ginzu steak knife sets.

If anyone asks you to pay extra money, to assist you, they had better be a lawyer, either practicing tax law and aiding you in an IRS or state tax situation, or representing you in the bankruptcy.
HTH

Answer 4

No, your bankruptcy only affects those creditors in which you claim when you file your bankruptcy.

For example, if you file Chapter 7, you can list all of your credit card companies in which you want to include, but if you chooose to exclude, let's say, your automobile loan, and want to continue paying that, you can do that.

The only ones who will be notified by the US Bankruptcy Court are those creditors you include in your bankruptcy.

Unless your parents are creditors, they will not be affected.

Answer 5

and living at home, therefore with little outgoings - HOW have you got yourself into a position where you are considering bankruptcy. Go and see citizens advice because i suspect you havent got enough debt to warrent it. they can help you sort things out with your creditors and save you the agro of going bankrupt. beleive me its not nice.

Answer 6

No, unless they have co-signed for something like a car, or a home, that you bought. Then it would affect their credit too.

Answer 7

Not unless they co-signed a loan or something of that nature.It will effect yours for years to come but you can bounce back from it...

Answer 8

Nope. YOu only unless they have signed on any of your credit cards or loans.

Answer 9

yes you wont be able to pay for your keep