Question & Concern

[talasian]

Hello All,

I have a couple questions and concerns.

My parents have recently started to file for bankruptcy. I currently live with them, moving out in a little over a month. I am over the age of 18(24) have my own income and do not contribute to the house-fold financially.

They were told depending on which type of filing that my income could be considered when determining how much they have to pay back. Also they mentioned that debt/assests in my name would also be considered. I have my own vehical in my own name and was told that it could possibly be taken to liquidate debt.

Is this possible if so why or why not. By the way this is for the lovely state of massachusetts.

Talasian

[momofthree]

If you're moving out in just over a month, it would probably be beneficial for them to wait until you are moved out and no longer part of the household. That way, you (and your income & assets) wouldn't be a part of it in any way...

[SMinGA]

If your vehicle is in your name, it cannot be 'taken' to pay their debts.

My understanding is the portion of your income that contributes to household expenses is to be considered in their means test. The income that pays your personal expenses, obligations does not. Debts that are solely your responsibility would not be a factor.

If they are working with an attorney who says your vehicle (their name not on the title) can be liquidated to pay their creditors: I'd suggest find another attorney.

[nc73]

If your vehicle is in your name, it cannot be 'taken' to pay their debts.

My understanding is the portion of your income that contributes to household expenses is to be considered in their means test. The income that pays your personal expenses, obligations does not. Debts that are solely your responsibility would not be a factor.

If they are working with an attorney who says your vehicle (their name not on the title) can be liquidated to pay their creditors: I'd suggest find another attorney.

what SMinGA said