Once I have my mother's name removed from my credit cards can I then file bankruptcy?
Full Question:
My mother helped me consolidate debt a few years ago, giving me access to 2 credit cards with higher limits than I was able to get in order to get a better interest rate. We thought this would help, but it seems I have no choice but to file bankruptcy (I have tried credit counseling as well). I have filed the paperwork to take my mother's name off of the account, so I am the sole liable party. Once this takes effect, is there a waiting period before I can file bankruptcy? My bankruptcy won't affect my mother's credit, will it?
08/13/2007 |
Category: Bankruptcy |
State: Indiana |
#7919
Answer:
After the Creditors Meeting, there is a 60-day period during which time creditors can file claims if they believe you have non-exempt assets and during which creditors may object to being discharged provided they have legal grounds. Grounds for objection to discharge include the fraud, student loans, alimony and support obligations etc. I suggest notifying the creditors in writing that the mother is no longer responsible for payments to avoid problems with credit reporting.
