How to protect my family's assets from our parent's debt

family guy

family guy

Arresto Menor

Posts : 2
Join date : 07/11/2011

My parents are in-debt and though they are able to pay them (sometimes with difficulty and delay) now, I am worried for the possibility that they might go in-default and risk mine and my wife's savings and hard-earned property. Neutral

From what I understand, if they go in-default, creditors can run after our property and assets. Shocked

How do I protect myself from my parent's debts?

Thanks in advance.

attyLLL

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

creditors can run after only the properties of your parents, not yours.

family guy

family guy

Arresto Menor

Posts : 2
Join date : 07/11/2011

Thank you, attyLLL,

This is a huge sigh of RELIEF!

Just out of curiosity (and I hope you don't mind my asking), is there a law (or ruling, or something) that I can look at that talks about this-- ie., that creditors of my parents cannot run after me (their child) and my wife's assets?

THANKS!!!
family guy

attyLLL

attyLLL

moderator

Posts : 21671
Join date : 12/04/2010
Location : https://www.facebook.com/BPOEmployeeAdvocate/

the rule that contracts are binding only upon the parties.

Sponsored content

How to protect my family's assets from our parent's debt

1 How to protect my family's assets from our parent's debt Mon Nov 07, 2011 8:36 am

family guy

2 Re: How to protect my family's assets from our parent's debt Tue Nov 08, 2011 12:22 am

attyLLL

3 Re: How to protect my family's assets from our parent's debt Tue Nov 08, 2011 12:29 am

family guy

4 Re: How to protect my family's assets from our parent's debt Tue Nov 08, 2011 9:48 pm

attyLLL

5 Re: How to protect my family's assets from our parent's debt

Sponsored content