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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 30905
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am 56 in debt due to medical bills and a divorce along with

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I am 56 in debt due to medical bills and a divorce along with credit cards, would it be better to file bankruptcy or let my 78yr old mom take a home equaity loan out and deduct it from my inheritence

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney.


If you can avoid bankruptcy, that is certainly the best option as

bankruptcy is not only a financial journey - - it is also an emotional roller coaster and can cause you much distress.


If your mother is willing to do this for you in order to allow you to avoid bankruptcy, that is very noble of her and something you should consider accepting.

Customer: replied 4 years ago.

What if any negitive aspects for my mom doing this can you see. I am worried for my mom that there is something she may not have thought of

or I. None of this debt is secured I could take a loan on my house but thought it was not a good idea to use secured debt to pay off unsecured debt.

The biggest negative with your mother borrowing the mother on your behalf is that she will be liable for the money she borrows and gives to you. That puts her on the hook for the debt.

What your mom is doing would be incurring an secured debt to pay off unsecured debts. An equity loan is a loan taken out against the equity in her house - - and the loan is secured by the house.

Thus, this would be no different than you taking out a loan on your house to pay off the debt.

However, if she is willing to take out the loan and be responsible to repay the debt and take it out of your inheritance, that's a good deal for you.

The only risk to your mother is that she must be able to pay the loan back.

Roger and 5 other Bankruptcy Law Specialists are ready to help you
Please let me know if you have any additional questions. Have a good night!