Do you think i should file bankrupcy wheni was 15 my mother got alot of credit in my name about 20000 not mine

Question

People say report her but she is my mother and i think im just gonna file bankrupcy im looking for someone who has filed and what life was like after wards i hope that is enough info thanks

Only 23 years old and i make good money and i cant get a new car or buy ahouse without paying cash forit and it is rasing my car insurance

Answer 1

How old are you? That's 10 years out of your life! It sure is, now, this is what you do. You go up to your mother and give her the option of 1- paying for the stuff she bought, or 2- getting reported. Most of these places will settle the debt if they can get payment. If you are 23 you are close to the statute of limitations and you can't get a house or car anyhow if you file bankruptcy. Here's what you do. Sign up for Credit monitoring. Identity monitor is really good. They have advisors to help you dispute charges older than 7 years.

Answer 2

PLEASE READ:

If you have not seen your credit report - do so first

Second - once you receive your report, go through and find the accounts that have an open date that would indicate that you were a minor at the time of the credit line being opened

Third - dispute these account as follows:
This account is not mine - I was a minor at the time this account was opened

The credit reporting agencies will send you an updated copy of your credit file once they handle these accounts.

NOW if you choose bankruptcy, it will stay on for ten years of discharge. Once it is discharged, again, pull your credit and make sure all dates are reporting correctly and make sure all the accounts you included are reporting as such.

You will be able to receive credit afterwards; it will take a little time. I work for one of the credit reporting agencies, and all the credit I see, there is life after bankruptcies, the thing will be higher interest.

Capital One, HSBC, Washington Mutual all work with high-risk credit - and you can buy a home in the future most lenders will ask why you filed and what happened.

Lastly consider a fraud alert for your file, it is free and when someone tried to use your social, you will receive a phone call before the credit is extended. It is vital that the phone numbers stay updated so should you move or change phone numbers, let the reporting agencies know - the creditors will not have a way to contact you otherwise.



Good Luck -

Answer 3

There are a few things you need to do and verify. The first is make sure you get a fraud alert placed on your credit report. This will keep new accounts from being opened up until they take additional states to prove your identity.

Now, as for this debt, there is the Credit Reporting Time. Negative information can only be reported for 7 years from the date of the negative information. For something like this it would be from the date of first delinquency. If she got them when you were 15 and are now 23, that is 8 years. Depending on when(if ever) she stopped paying on them they should no longer be reported on your credit report. If they are still showing up after the 7 years you need to send in a dispute and have the credit reporting agency remove the incorrect information.

The second and more important time is the legal Statue of Limitations. For credit cards this is anywhere from 2-6 years from the date of the last delinquency. So if no payments has been made on these accounts in the last few years, you may be outside of the SOL and the creditor can no longer come after you.

So in short DO NOT file bankruptcy. There is no need to mess up your credit any more for something that probably has no effect on your credit at this point.

Answer 4

imho Judy has this correct.

if you file for bankruptcy, the bk court will look at your circumstances and discover that this credit was issued when you were only 15. Then it'll hit the fan, big time. The bk court may take it upon itself at that point to inform the district attorney that a crime [fraud and/or grand theft] has been committed and it is out of your hands from that moment on.

***
In most states, you aren't liable for any of that money because a 15 year old can't legally make a contract to borrow money or get a credit card. [use google to research your states laws about how old you have to be to make a valid contract or to borrow money.]

thus, you may be able to complain to the credit agencies [see other threads for procedures] that this wasn't you as you were only 15 years old at the time and thus it isn't your debt.

probably, that'll also start the legal wheels moving and will end up with the police investigating a crime [credit fraud].

***
so what will protect your mother?

the only thing I can think of that would do so is for the debts to be kept current and be paid off.

GL with that -- my guess is your mother can't pay them or keep them current because her own debts are also in same condition.

Probably, she's the one who should file for bankruptcy and should include these debts in her filing as her debts.

oh.


Luck to you ... sounds like you need it

Answer 5

If you want to endure the pain of filing bankruptcy then do so. I have before and it is a speedy way of getting out of debt. It'll take about 7 years for it to clear off of your credit record. You are going to have to say just why and how you got into debt to begin with. Protecting your mother is not going to work out very well since there are a lot of questions to answer. If your story doesn't line up with reality expectations, then you could be denied bankruptcy. These people are not stupid, they can and will figure out what is true and what is not. Bankruptcy is not a simple process, you'll also have to go through credit counseling. While it might be a good education for you, your age, and when you got into the debt is not going to match up very well. You really should tell the complete truth. If you didn't create the3 debt, then it should be made known to all that should know about it. You might want to talk to the attorneys that you go to, to file bankruptcy with, about the whole issue. while a noble cause to protect your mother, the truth is going to come out because it is going to be figured out eventually. You have 2 final choices as I see it, tell the complete truth and let it all fall out as it will, or do nothing and just assume the debt and pay it off yourself.

Answer 6

Please don't file bankruptcy. It will ruin your credit for 10 years. I suggest you:
1) Call and freeze your credit reports so your mother can't access your information any more.
2) Ask your mother to give you payments - and get her out of your life if she doesn't.
3) Call a non profit credit counselor and get them to help you pay down the debts and adjust the rate of interest that you are being charged.
I feel very sad that you have a mother who would do that to you. I hope that you rise above this and keep your credit on track. In life, having good credit saves you thousands. It can make a big difference in your financial life now and in the future. Best wishes & good luck.

Answer 7

ok, first off - if these bills are still owed, I would contact the company's yourself and tell them you wre only 15 at the time and you did not create these bills - offer to send them a copy of your birth certificate or drivers lic...
tell them you didnt create the bill and your not paying for it since you didnt do it and was only 15 - you dont have to tell them your mom did it - if they ask ,just say you dont know.
If that doesnt work, then I would go ahead anf file a chapter 7..
life after bankrupsy isnt too easy,but if you have a job and income that will get you through. you wont be able to get any credit,and it will remain on your credit report for many years.
My best suggestion would be to call the company's first, and maybe it would be a good idea to talk to a lawyer - just tell him you dont know who created the bills or accounts,but since you were a minor it wasnt you - they might be able to contact the company's for you and save you the hastle plus keep you from bankrupsy

Answer 8

It sounds as if you already know what you want to do. Try answering your own question as if someone else asked it. What would you tell someone else to do?
All I can add is this: please keep in mind that filing bankrupcy will have consequences. My advice would be to ask a financial professional LOTS of questions about it before taking that action. People answering your question here can mean well, but this is important, and you need to get competent advice - don't do anything rash!

Answer 9

I know it is hard to report your mom and you would rather just move on and forget this happened. before doing this I would definetley recomend you speaking with your mom and a financial advisor togther.Your mom should be as willing to help you as her daughter as you are to help her as your mother.after seeking advice from your finacial advisor dicuss with a lawyer. before making that final step.Just be careful filing bankruptcy has its fall backs now days nothing is as easy as it onced was. things like this always gets tuffer because of people taking advantage of the system. fraud etc. im sorry but people like your mom has made credit life on everyone tuff. I have great credit but the red tape when getting a big house loan etc. is ridiculous onced all is done i get great intrest rates etc... Good luck.

Answer 10

Don't file bankruptcy. It makes things a lot harder in life. It makes it ten times more difficult if you ever try to apply for any kind of loan (bank, personal, to get a car, to get a mortgage...), if you try to get credit cards, or any other kind of financing. It may even effect you for college financial assistance. Frankly at 15, she shouldn't've been able to put ANY kind of loans in your name.

I know you don't want to, but you really should report your mother. That's fraud, it's illegal, and no matter why she did it, she's ultimately hurting you a lot financially. I hope she had put that money to a good use, because if she didn't, that's even worse. Just whatever you do, DON'T file for bankruptcy.