Parents want to protect their kids at all costs, from not only harm but also stress. Therefore, if you are considering bankruptcy, you may be wondering whether your minor children will be involved at all.
There are rules in bankruptcy that prevent minor children’s information from being listed on a case.
Their social security number is not listed, their names, or their date of birth. That being said, there are a few things that may need to be disclosed about your children. If you are on any sort of account with your child, that account will need to be disclosed. Typically this is done by stating “minor child’s account” and leaving off your child’s name. If you own something for the benefit of your minor child, that likely will need to be disclosed. For example, if you are keeping significant assets for the benefit of a minor child. Although the assets may not be yours, the court needs to know about them.
An example of why is, say your minor child was gifted their grandfather’s boat as part of an inheritance. The boat is sitting in your yard. Hypothetically creditor A of yours, who you filed bankruptcy on, drives by and notices the boat. If this boat was not disclosed in the case, the trustee may get word about it and think that assets are being hidden. Although this situation is not likely to happen, it is always safest to disclose all assets that you may have an interest in, even if they are being held for a minor child.
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One thing you do not need to worry about is your minor child being involved in your bankruptcy. Visit www.lifebacklaw.com to speak with an attorney today. You will be glad you did!
