Life can be tough when money is tight at home. As a child, you may feel helpless as you see your parents juggle multiple creditors, deal with harassing phone calls and worry about losing their home or assets. One potential solution that may come to mind is filing for bankruptcy on their behalf. But can you do that?
The short answer is no. Only the person or a legal representative can file for bankruptcy. You can support your parents, but they must take the legal steps themselves.
There are ways you can help during this difficult time
First and foremost, it is crucial to talk to your parents and discuss their financial situation. Make sure they want to consider bankruptcy. Afterward, take these steps:
- Encourage your parent to seek professional advice: A bankruptcy attorney can assess their financial situation and guide them through bankruptcy.
- Gather necessary documents: Help your parent collect financial records, including debts, income and expenses, to prepare for the bankruptcy filing.
- Accompany them to meetings: Offer emotional support and accompany your parent to meetings with their attorney and creditors.
- Help with paperwork: Assist your parent in completing the necessary paperwork and filing the bankruptcy petition.
If your parent grants you power of attorney, you may be able to assist with certain aspects of the bankruptcy process. In cases where your parent is incapacitated, a court-appointed guardian or conservator may file for bankruptcy on their behalf.
Remember, while you can provide support and guidance, your parents must ultimately be actively involved in the bankruptcy process. Respecting their autonomy and decision-making authority in this matter is essential.
