Anonymous

How Will My Family Members Be Affected If I Declare Bankruptcy?

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mahendra kumar Profile
mahendra kumar answered
As a general rule family members are not affected in any way if a member declares bankruptcy. In most places according to bankruptcy law a married person can file for bankruptcy alone unless the assets are owned jointly or in case of common bank accounts and also if one is self employed and one's spouse is a partner in the business.

Regarding your family assets depending on your debt condition one can exempt the house and cars from the list of assets that can be liquidated and ensure that the family's standard of living is not affected. Also declaring bankruptcy enables one to make a fresh start and one can in fact utilize existing resources to start saving for the future especially regarding the children's education.

One would though have problems acquiring fresh credit in the form of loans or mortgages as the rate of interest is generally higher and additional securities are required in these circumstances. A related factor but grossly neglected is adequate health insurance, a vital necessity that does not let one's financial problems affect other areas of family concern.
Anonymous Profile
Anonymous answered
I have signed over the joint house to my partner,we have a mortgage together on the property.
I am applying for bankruptcy as I have approx 30000k in debt on credit cards & I am only working 3 days a week. I cannot afford to pay the credit cards.
Anonymous Profile
Anonymous answered
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Charles  Bosse Profile
Charles Bosse answered

Bankruptcy is frightening for the entire family. Not only is it scary for parents, but kids who don’t understand the ins and outs and bankruptcy sounds truly terrifying. There are many effects of bankruptcy on a family and it is important to pinpoint them and anticipate them so they can be dealt with. Keeping the family together is what is most important and weathering the tough times together. It might be a challenge, but you can always get through it! 

Anonymous Profile
Anonymous answered
If I declare bankrupy will they take my wifes assets. Our cars are in her name and all bad debt is in my name.
Anonymous Profile
Anonymous answered
How is a family trust affected in a bankruptcy filing.. If a parent puts land in a family trust for two children and one of the children files bankruptcy?

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