Debt responsibility for parent...
My mom currently has about $40k in credit card debts and is on the verge on having to file bankruptcy.
My concern is that being her son, if things get out of hand, and she does not file bankruptcy and they come after her, will they be able to come after my assets and/or paycheck?
I have no bank accounts that she is cosigned on. We are both on the same auto insurance policy, and my address is still registered in the apartment that she lives in, although I have recently moved to a new address.
Basically, what do I need to do to make sure my assets and accounts are protected, in the event that she fails to file bankruptcy on time and things get out of hand.
Thank you!
My concern is that being her son, if things get out of hand, and she does not file bankruptcy and they come after her, will they be able to come after my assets and/or paycheck?
I have no bank accounts that she is cosigned on. We are both on the same auto insurance policy, and my address is still registered in the apartment that she lives in, although I have recently moved to a new address.
Basically, what do I need to do to make sure my assets and accounts are protected, in the event that she fails to file bankruptcy on time and things get out of hand.
Thank you!
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