• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

am I responsible for parent's debts?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

mspkelley

Junior Member
What is the name of your state? Texas

my parents have more debt than assets. will i be responsible for the amounts they owe when they die?
 


ALawyer

Senior Member
No, you should have no liability just because you are their child, unless you personally guarantee their obligations, or act as their agent to incur new obligations, or take money from them in an effort to defraud their creditors.

But it may make sense for them to consider bankruptcy now, to wipe out all debt while they are alive.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top