Q: can debt I am cosigned on be included in my bankruptcy if I have a financial POA for my mom

A: You should be able to file a bankruptcy case for your mother under the authority of a suitable power of attorney in the instance where she does not have the mental capacity to participate and handle her own filing. The U.S. Trustee, which is the branch of the Federal Government that monitors bankruptcy cases, will general allow this as long as the Power of Attorney has language sufficient to authorize filing a bankruptcy. However, the fact that your mother might receive a discharge does not relieve you from your responsibility for co-signed debts. This is the reason that creditors ask for a co-signor. The only way that you will be relieved from liability would be for the debt to be paid, or if you file your own case and receive a discharge.

A: Under penalty of perjury, the official bankruptcy schedules require you to identify all claims against you or your property interests, whether you believe that the claims are valid or not. Certainly, that broad requirement would include a legal obligation upon which you are directly obligated, and also as a guarantor or co-signer.

The applicable laws in your state most probably prohibit you from doing anything with respect to your mother's assets that is detrimental to her. Ask your bankruptcy attorney how your bankruptcy may fit into those POA laws and rules.

However, just on the face of it, because you are prohibited under most POA laws from commingling her assets and funds with your own, I think you're probably in the clear.

A: Assuming a successful chapter 7 bankruptcy, the debt you are cosigned on will no longer be collectible as to you. This debt will still be collectible against the primary signor for the debt.

A: Hello

Thank you for reaching out to us. Please let me know what is a good number to reach you at so I can schedule a free phone consultation with an attorney.

Regards

Anisa