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govkaj | Are children responsible for parents debt? |
Additional Details
My parents have fallen into great debt, as they always have been. I have put myself through university, and have been working since I was 12, to pay for clothes, food and medicene. Now that I am adult, and have very well paying job, I'm afraid may parents will try to get a piece of it. They feel simply raising me to the absolute legal minimal standards, entitles them to some of my success. I just don't want to pay for thier debts, if they file bankruptcy or pass away with debt. How can leagally protect myself and my finances from them?
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 |
 
Al
|
No. However, the parent's estate is responsible for the debt. In other words, if parents have more debt than can be paid off, the children won't receive any sort of inheritance.
Oh, one exception. If the parents have made any sort of gift to the children in the last years of their life, they may be required to return that gift. This depends on the state they live in. |
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G S
 |
you are not legally responsible for your parents debt unless you were a co-singer on the loan.
If your parrents pass away then the debits will be required to be deducted from any inheritance that is left |
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auntiegrav
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Not unless the children co-signed on the debts. Parents are responsible for minor's. Some countries may be different, though. This is not legal advice. That's what Lawyers are for. |
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DLeibowitz
 |
You are not legally liable for your parents' debts.
If they give you something to avoid paying their debts, which seems unlikely, creditors could try to recover that from you.
If the pass away in debt, their estate, to the extent that they have one, must pay the debts before it could be distributed to heirs and legatees.
Too bad you have such a strained relationship with your parents.
Good that you are seeing a lawyer. Not much you need to do to protect yourself but do get a credit report to be sure that your name has not been used to bolster their credit. |
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jaymoy11
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No, it has to do with the planning of the parents. Sure children are very expensive, but a good plan and knowing where you are going with goals will overcome a debt problem. |
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durb1215
 |
no what kind of question is that...like we all are going to say "yes, my 4 year old made me run up that $3,000 credit card bill" |
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sensei501
 |
No, but if you share the same name as your parent the credit organizations (Experian, Equifax and I always forget the third) may 'mistake' you for them. Get a free credit report and check that they are not using your parents name on your credit report. Yahoo search "free credit report.com" (I'm winging it here) to get a free credit report and check your credit history. It won't give you a FICO score but can put your mind at ease is so far as your credit history. If there is a problem, contact the credit bureaus (Experian at el.) and they will make the appropriate corrections.
Good Luck and pls post again if you have any problems.
Paul |
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thylawyer
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If the children are of legal age and emancipated, they may be responsible for their parents' debts for necessities (food, clothing, shelter). |
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radical
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definitely talk to your lawyer. |
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