Should I kick my son out?

[VerySad]

I am planning on filing for bankruptcy this year and am wondering if they are going to want my son to liquidate his accounts as well. Between savings, personally managed stocks, and 401k , he's got about 10k.

I don't want to drag him into this, and I know he works hard. Not for sure what they will want from him if he continues to live at home. What will they want from him? Should I kick him out for a while so it is easier to file?

[csonly]

I'm not an expert, but in my experience, he is not filing BK, you are, BUT, they may count his income. I think that may depend on if you claim him as a dependent on your taxes. I have a disabled daughter who gets SSD, they counted that in my schedules, but I believe that SSD is not counted like regular income. I think if you do not claim him as a dependent, he should not be involved, but again, this is just my experience personally.

[nokia123]

I am planning on filing for bankruptcy this year and am wondering if they are going to want my son to liquidate his accounts as well. Between savings, personally managed stocks, and 401k , he's got about 10k.

I don't want to drag him into this, and I know he works hard. Not for sure what they will want from him if he continues to live at home. What will they want from him? Should I kick him out for a while so it is easier to file?

My son lives with me and work and give me money for rent, all my lawyer told me was that the income he give's me for went will be included in my income. The money he give's me for rent is deposited into my checking account each week and the trustee will be able to see the deposit. With my son's deposits it still put me under what's allowed for me to file bk for my state.

[tcreegan]

Hi VerySad,

Your son's assets aren't going to be involved, just what he contributes to the household expenses. For example, he buys $100 of grocery every month, pays the internet/cable bill of $200, and puts $15 gas in your car each month. You would then add $315 to your income. And it is regular contributions, not a one-time thing. So if he paid $250 on car repairs when your car broke down, this doesn't get added to your income.

You also include him in your household size.

Check to see if his accounts are not joint-accts with you as a co-owner. If they are joint accounts, there are several ways to take care of it.

So your sons assets can be safe, you don't need to kick him out...it will help your BK case to have him there, and if he hasn't been paying regular on household bills...well, that helps your BK case too.

Good luck w/ everything,

Tom in Colo

[csonly]

It sounds like you are good to go then, no worries. I wish you the best!

[btbeme]

I cannot stress this enough... your questions can be answered and your mind can be settled by speaking with a few BK attorneys, for free. Someone advised earlier that you bring along a trusted friend or family member as support, as it will likely be an emotional meeting for you. I wholeheartedly agree and endorse this.

Let me say this - BK is an answer, not a question. There is likely little or no doubt that your life will be in tatters soon (if it isn't already). It is a perfectly designed irony that bankruptcy, regardless of its stigma, will be your saving grace. All that needs to happen is proper pre-planning. We can offer unspecific advice, but your very best option is to speak with several attorneys to get a good cross-section of their advice. Do it now, no hesitation. You will sleep better immediately.

Your financial worries should take a back seat. Do NOTHING unless you have cleared it with a BK attorney. Write down all questions you might have as they come to you. Have a good idea of your bills, debts, payments, and income - write them down in any which-way that you can. Present your situation to several BK attorneys. And begin the healing process.