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Bankruptcy questions
Q. I have answered most of my bankruptcy questions via the WWW. Sites are either pro-bankruptcy (attorneys) and anti-bankruptcy (credit counseling agencies), which is not surprising. A few important questions have not been answered: 1. Would a checking account at a bank to which no debts are owed and only a minimal balance maintained be at risk of cancellation? 2. Any risk of auto/homeowners/health/life insurance cancellations, if I otherwise have a good payment record? 3. Would mobile phone, internet, etc. accounts be cancelled if I had and maintain good payment records? 4. Would the abilities of children to receive student loans in their names and/or the parent's names be affected, beginning around 2 years after the parent's bankruptcy?
A. The children cannot LEGALLY be held accountable for their parents credit problems. I realize that so many lawyers and legal clinics are making bankruptcy look so attractive right now. But it's not. You'll regret it, trust me. Try contact www.genus.org or Consumer Credit Counseling Service in your state. They should be able to help you straighten out your finances. strongly recommend speaking with a local bankruptcy attorney. Most offer free initial consultations and he or she should be able to review your specific situation and let you know what you can and can't do. If you're in Maryland, DC or Virginia, please let me know--we may be able to help.
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