Parents used my credit. Result: Early bankruptcy

[jfrost]

Hi, my parents bought a car, house, and had plenty of credit cards in my name when I was 18. Now they're splitting up, and my is forcing me in to signing things to file bankruptcy for things they all did. Is there anything I can do? It has me very VERY depressed cause I'm only 21 and had nothing to do with it. I cry at night cause it seems like my life is over already. Thanks in advance.

[newbie2]

First, if you are still living at home, find a way to move out. Next, you really need to talk to an attorney that isn't your parents attorney. What they did was fraud, and it has harmed you immensely. Your choices? File for bankruptcy OR file fraud charges against them. I have a feeling you won't want to do the latter, so at least talk to an attorney that is your OWN attorney.

You're very young, and your life is just beginning. Hold on to that ok? Good luck to you.

[Flamingo]

When they took out the credit in your name, did you sign the forms or did they sign your names to the forms. If they took out the credit without your knowledge and signature, that is fraud and also identity theft. In order to protect yourself in this situation, you need to consult an attorney as soon as possible to go over the entire situation. Most attorneys give free initial consultations for any reason (yours involves a criminal situation); a way to start is to contact your State Bar Association which is in your phone book under your "state" section. Call them, explain the situation, and they can refer you to an attorney who may have free consultations. Unfortunately, you have lots more to mend than your financial situation right now - you need to find out what is up with your parents as to why they did that to you. If you have health insurance or are on your parents' policy, most insurance plans have places you can call to get family counseling that is covered by your health plan for situations such as this. They can help so call the 800 number on the back of your insurance card and see what is available due to your mental state over this. It all depends on your situation as to how you stand with your parents (do you live with them, do they claim you as a dependent, do they cover you under their health insurance, etc.) as to what you can find out as to benefits.

[dneil]

I would be telling my parents that they better find a way to pay off those debts and clean up my credit report or I am filing charges. Sounds mean, I know.... but any parent(s) who do this to their own child doesn't deserve mercy. That is just my opinion.

[LadyInTheRed]

What a terrible situation to find yourself in. I'm so sorry, but please know you will get past this.

I agree with dneil. Don't give your parents a break on this. They were only thinking of themselves when they took actions that harmed you. Now you should think of yourself and do what's best for you.

Don't sign any paperwork your parents hand you without consulting your own attorney, and don't ever sign anything you don't completely understand.

Take the steps Flamingo suggests to get help legally and personally.

[woeisme]

My husband's ex-wife did this to their kids, used their clean credit histories to get utilities, then credit cards using her kids SS#'s and info since she had such horrible credit herself. Of course she ends up trashing their records the way she did her own, and now none of them can even get phones in their own names, utilities without paying huge deposits, etc. My oldest stepdaughter went ballistic and made her pay off the stuff in her name by threatening her with calling the cops and jailtime, but the other 3 of my stepkids weren't willing to have her go to jail over it so they just have ruined credit now. I can't believe someone would do that to their own kid(s), but there are all kinds of users out there in this world, so I guess some of them end up parents... so sorry about your situation! Just know that no matter what, your life isn't ruined, just your credit is, and that can either be fixed by having the fraudulent stuff removed (although I know that is going to be tough) or if for whatever reason you do decide to file BK to have it all go away, that too eventually falls off your record, you won't be wearing a scarlet "B" on your forehead for the rest of your life. And whatever you do, put a fraud alert in with all 3 of the credit reporting agencies where basically they have to get your permission before issuing any credit under your name so they can't do this to you again. I think you have to renew those credit freezes every 6 months, but with these parents, it seems worth your time to do!

[hopeforus]

My mom used my sister and brother's names to get utilities turned on and cable. I think she forgets this because she was just talking about how horrible it was that my sister used her own son to get cable and utilities. I'm sorry. It wouldn't be easy, but remember that your parents did something horribly wrong against you. You need to clear your name and you may have to press charges against them.

[lillymarlene]

Whatever you decide, it's probably best to do something about this right away. About 22 years ago my ex-husband (while I was still married to him) took my credit cards without my permission, started a business for himself, and ran up a bunch of bills. Then shortly after that we got divorced. I was never able to get my balances back to zero. ( Not saying he was the whole of all the things that have caused my present financial difficulties and resulting bk, but he sure didn't help.)

Well, good luck to you and there is a lot of good advice in this forum.

[kornellred]

Well...I did just the opposite. I let my kids get me into debt by letting them share my credit cards. I thought that they would have enough discipline and restraint to keep the spending to a manageable level, but you know how college kids are.
Two of my three sons are in bankruptcy themselves. One of them has every dime he ever earned. Go figure.