Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Is bankruptcy a viable option for this family?

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  • Question: Is bankruptcy a viable option for this family?

    I have a question for a friend, and since I am not in this field I am relatively uneducated about this subject. If someone could yay or nay this idea and provide next steps it would be really helpful.

    The grandmother and granddaughter live together in a house that they rent for $800/mo. There is no written agreement in place, all done in cash.

    The grandmother has good credit but excessive credit card debt and only receives $800/mo in social security. The granddaughter is listed on the credit cards to be able to use them, but was never a co-signer.

    The granddaughter has average credit and also has excessive credit card debt (to a lesser degree). She also has student loans that have been in deferral for many years totaling approx 40k. The granddaughter makes about 25k/yr.

    The total credit card debt is about 20k. Most of it is on the cards that are in the grandmother's name. The charges on those cards have been used for both of them however. Their total savings together is at best about $1,000. There is no real estate ownership or other major assets, but the granddaughter owns a 2002 honda with 120k+ miles.

    Idea #1:
    Between the minimum payments of the credit cards, rent, utils, and food there is not enough income to stay afloat. Debt consolidation is necessary to reduce the credit card payments, and then they can begin to save money. The risk here is that credit will not be available in case of emergency.

    Idea #2:
    The grandmother is unhealthy and old in age, so in the event of death, all of that debt will be forgiven. Any remaining debt the granddaughter has should be transferred to the grandmother's name. The grandmother will claim bankruptcy and fore-go her credit score, since she will not be making any major purchases again ever.

    Any thoughts or ideas to this process?


  • #2
    Well, idea number 2 is bk fraud plain and simple.
    Frankly, why not just have grandma default on her debt. Doesn't sound like she has anything anyone can take and SS is exempt from garnishment.
    Doesn't sound like the granddaughter has much cc debt. She needs to just stop charging and work on paying it off and then getting those student loans taken care off.


    • #3
      why is idea 2 fraud? i thought if you're broke you can file for it

      defaulting sounds like an easy option. is there anything formal to do for this or do you basically just stop paying

      is there anything illegal with getting the granddaughters remaining debt transferred to the grandmother e.g. balance transfers

      other big question is, some of the cards in the grandmother's name come up on the granddaughter's credit report, even though she did not sign up for them. how does this reflect on her credit score if the other one defaults?


      • #4
        Originally posted by xarfox View Post
        why is idea 2 fraud?
        Originally posted by xarfox View Post
        is there anything illegal with getting the granddaughters remaining debt transferred to the grandmother e.g. balance transfers
        That's where the potential fraud occurs. If grandma takes the granddaughter's debt, she's TECHNICALLY taking on debt when she already knows she's insolvent. Would she be charged with a crime? Maybe not, but those debts would probably not be wiped out in bankruptcy...thus defeating the purpose.
        This post does not constitute legal advice. If you use this advice instead of that of a lawyer, God help you.
        Filed CH 7: 5/11/17 341: 6/12/17 Discharge: 8/14/17


        • #5
          ok that makes sense

          the larger question is why does the grandmother's debt show up on her credit report if she was just added to the card, not a co-signer. i need to see their credit reports and maybe the answer is in there


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