If you are looking for an excellent bankruptcy attorney in or around Greenville, Morehead City, or Rocky Mount, NC, you won’t be disappointed with the qualified bankruptcy lawyers at Craft Law Offices! Contact any of our offices at Craft Law; we can’t wait to work with you.
A common fear that many people have when they consider filing for bankruptcy is how filing for bankruptcy will affect their family members. If you have children, we know that your kids are incredibly important to you. So if you file for bankruptcy, will your children’s futures be harmed? For those who need to file bankruptcy, there’s good news! The positive impact on your family will outweigh any inconveniences.
While there’s a stigma around filing for bankruptcy, it doesn’t always have to be a negative thing. But how will filing for bankruptcy affect your children? If your children are minors (under the age of 18), technically they have no possessions of their own anyway. Because of this, the bankruptcy trustee is legally able to take your child’s things (since on paper, they belong to you), but this is very unlikely. Most children’s things have no resale value.
The same is true for your children who own a car; in most states, a child under the age of 18 cannot have a vehicle titled to their name anyway. If your child’s car is in your name and there is no loan attached to the car, you may have unprotected equity. This can happen if you and your spouse have a vehicle that’s already using all available exemptions. This doesn’t happen often, but if it does, the bankruptcy trustee could potentially sell the vehicle and use the proceeds to pay your debts.
But be careful: if your child is older than 18 and you think you should transfer the car’s title to your child to get out of this loophole, don’t do it! This could be considered fraudulent in a bankruptcy case. Even if the vehicle has always been your child’s car, keep the title in your name.
The bottom line is that your children really don’t have any assets, which means they won’t be hurt by you filing for bankruptcy. It’ll only help them in the long run, because you’ll get your finances back on track.
If you need help filing for bankruptcy and you need a qualified and helpful bankruptcy attorney in or around Greenville, Morehead City, or Rocky Mount, NC, look no further! Contact any of our offices at Craft Law; we can’t wait to work with you. We strive to make filing for bankruptcy a less frustrating process for you and your loved ones so that you can be well on your way to financial security.