Bankruptcy While Living With Parents
My question involves bankruptcy in the state of: Michigan.
I'm going to be filing bankruptcy and I'm wondering how persons who live at home with their parents are handled. For example if i pay rent, does my parents home become part of my assets. Another example is my car is in my mothers name, but i pay for it. I need to list these as part of my expenses, but their not in my name so, Are these also considered my assets/part of my bankruptcy estate. If so will they be considered exempt. Will my parents income contribute to mine, if i am self sufficient except for owning a home. I'm just a little confused as to how chapter 7 works for someone in my situation, as most cases people own their vehicle or their home. Thanks sorry if its not very clear, i cannot think of a good way to explain my questions right now.
Re: Bankruptcy While Living With Parents
Quote:
For example if i pay rent, does my parents home become part of my assets.
No, not any more than an apartment complex would become part of your assets if you lived in one.
Quote:
Will my parents income contribute to mine, if i am self sufficient except for owning a home.
No. They are not supporting you.
Get yourself a good bankruptcy attorney to help you sort things out. BK is scary enough as it is without trying to do it without proper help.
Re: Bankruptcy While Living With Parents
We don't know what your income is or how much debt you have, etc. You will have to talk to a bankruptcy attorney to see if you qualify for a chapter 7 bankruptcy. The attorney can also answer all questions that you might have.