CCDebt Posted April 20, 2008 Report Posted April 20, 2008 Hi. I am retired and have $40k in CC debt. I sold my house a year ago and been living with my son. I have been using hte money from the house for minimum payments and also to repay some personal debts. Now, I am at a point where I realize I will never be able to repay all my CC debts and considering filing for BK. Since I am living with my son, will a BK affect him too? My only asset now is an old car that's worth less than $1k.
Methuss Posted April 21, 2008 Report Posted April 21, 2008 Nope. Only your personal debts and assets become part of the bankruptcy estate when you file. The only effect your son has is that it may throw your means test calculations off...since your housing expenses are divided there.The one thing I would be concerned about is any lump-sum money you have left from your house sale sitting in a bank account. Maryland lets you keep $1000 of personal property (including cash) and $6000 in a wildcard for a total of $7000. If you have more than that left from the sale of your house, then it could be taken by the trustee to pay your debts.
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