Bankruptcy as a dependent?

Bankruptcy as a dependent?

straightnut@aol.comic (Straightnut)	5/22/2004 10:41:35 AM
I hope you can help me out with a concern I have. My parents declare me as a dependent on their tax returns and I live in their home. If I wish to file bankruptcy for myself will they be responsible for any of my credit card debts? I am over 21 and live in New Jersey. Thanks.



"John A. Weeks III"	5/24/2004 7:13:16 PM
In article <6epua0df4rcn7rkogi09ormau4mu8v9l6v@4ax.com>, Straightnut <straightnut@aol.comic> wrote: I hope you can help me out with a concern I have. My parents declare me as a dependent on their tax returns and I live in their home. If I wish to file bankruptcy for myself will they be responsible for any of my credit card debts? I am over 21 and live in New Jersey. In general, no. If your parents have co-signed for your credit cards, or your parents names are on the cards and they benefited from the charges, then they may be held responsible. -john- -- ==================================================================== John A. Weeks III 952-432-2708 john@johnweeks.com Newave Communications http://www.johnweeks.com ====================================================================



tamsuraiya@yahoo.ca (Tam)	5/24/2004 7:13:31 PM
straightnut@aol.comic (Straightnut) wrote in message news:<6epua0df4rcn7rkogi09ormau4mu8v9l6v@4ax.com>... I hope you can help me out with a concern I have. My parents declare me as a dependent on their tax returns and I live in their home. If I wish to file bankruptcy for myself will they be responsible for any of my credit card debts? I am over 21 and live in New Jersey. Your parents are responsible only for credit card debts on their own accounts or (arguably) on accounts where they have accepted and used a card. The fact of your bankruptcy may be (perhaps erroneously) noted on their credit reports because you share the same address. They may want to monitor their own reports carefully. Bankruptcy is something that can and should be planned for. If you think you may want to file, it would be wise to consult a bankruptcy specialist. There are many arcane issues to consider, not least of which is for your parents to change their wills so you do not inherit (except via a discretionary trust) within 6 months of filing bankruptcy -- otherwise the inheritance would go to your estate, and thence your creditors. Also, if you are joint account holder the trustee could claim your parents' assets. And so on.



"Brett Weiss"	5/30/2004 1:53:37 PM
I hope you can help me out with a concern I have. My parents declare me as a dependent on their tax returns and I live in their home. If I wish to file bankruptcy for myself will they be responsible for any of my credit card debts? No. -- Brett ***************************************************************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@brettweiss.com * * www.brettweiss.com * * * * Small Business Estates & Estate Planning * ***************************************************************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review all of the facts and the law applicable to your situation. *****************************************************************

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