Question Living with Parents who are filing bk.

[jjcan]

Hey there,

Myself and my g/f live with my parents. Found out my mother is having to file BK. It selfish to ask this i feel like, but what happens now? Im assuming they auction off possessions to pay off debitors, but what about OUR stuff in the basement and such? Alot of this stuff Ive purchased over the years and probably couldnt come up with "proof" that it is mine now if i had to.

Thanks

JC

[rpertusio]

You'll have to wait for more people to chime in, but it is my understanding that YOUR stuff is YOUR stuff, and it shouldn't be touched by the BK process.

[Shawshank]

That is correct, anything that you actually own is yours.
Your parents may have to show the stuff on their petition since technically it's in their house, but it would be marked as not being theirs.
In most cases, household items are never an issue anyway.
Have your parents talked to an attorney?
Once they have completed the initial paperwork (often called a "homework package" by attorneys), they can actually show you exactly how everything will be listed.
I wouldn't worry about it if it's household items.
Now, if you own something that has a title (like a car) that is yours, but is legally titled to your parents, then you will need to discuss it more with your parents and their attorney.
If not, no big deal...no need to worry about your computer, television or stereo ;-)

[BKDefender]

One of the questions in the Statement of Financial Affairs included in a bankruptcy petition asks the person to list any property that they are holding for another. That would be where they listed YOUR property. It's not their property, it's yours, so it is not part of their bankruptcy estate.

--William

[jjcan]

Awesome. Thanks Everyone. I'm kept in the dark about alot of this, all i know is its chapter 7. Im a little concerned about my two vehicles, they are both in my mothers and my name.