I found out in July of 2011 that my parents have re opened credit cards that I have paid off, as well as opening new cards that I did not know about. They have struggled financially since they have been married and our family has always had lack of funds. I am 31 years old and thought that my debt (minus student loans) was under $6500 to pay off. I found out I have upwards of an additional $30,000 on top of that. I wish to get married soon and start a family and don’t want this to become my new families burden. I do not wish to take extreme legal actions, but I want this situation taken care of. Is bankruptcy my answer? And how will I be penalized if I do file? Will I be able to rent an apartment or trade in my car in a few years? I want this taken care of quickly and as painlessly as possible. It has taken a severe emotional toll on me and I am completely overwhelmed and don’t know what to do!!
You need to notify those companies and tell them that accounts were open without your knowledge and/or consent. You also need to explain to you parents that what they did was illegal, and that you are taking action to rectify the situation. They can help you, or they can go to jail. And that it’s not subject to negotiation.
Make your parents pay they shouldn’t steal from you to begin with .
You need to report this to the police as your parents have committed fraud and are due some jail time
You need to talk with an attorney, start with one that deals with financial problems and don’t be afraid to ask if that’s their specialty or if they would recommend someone else if not. You’ve got to put this debt in your parents name and get it off of yours. And then you will have to walk away from this if they’re willing to do this to you. I don’t think not walking away is optional.
you need to see a lawyer, don’t declare bankruptcy-that will stay with your for YEARS.
You may have to sue your parents for fraud. Do not pay off their debt. you need to call the credit card companies and let them know about the unauthorized charges.
Don’t take the fall for your parents. They’re in the wrong and to have done such a deplorable thing to their own child is unforgivable.
If you declare bankruptcy you’re going to have huge problems even renting an apartment for the next few years and you’re not getting a car loan.
Get the debt back onto your parents. If they want to then declare bankruptcy then let them – sounds like they’re already half way there on their own anyway.
You’re in a real bind here. Filing for Chapter 7 will release you of obligations to pay the debt, but the act of filing will greatly damage your credit. The process of filing is labor intensive and you could not hide the fact that your parents opened up these accounts….and the creditors would object and your filing would probably be declined.
Put a fraud alert on your credit reports ASAP. Reportedly the one alert will place it on the other agency systems.
In addition to the above, FREEZE your credit reports ASAP It will cost you money, but given the above, it will be worth the money.
Unfortunately most credit card issuers will require a police report to remove liability from you. It is the industry way to avoid false fraud reporting. That is an emotional strain, but in this case a necessary in to keep you afloat.
I agree you need to avoid bankruptcy. It may be necessary for your future wife (after marriage … not before) to have family finances in her name alone until this is resolved for a few years.
Obviously for those people who suggested you send your parents to jail didn’t read your full question. Taking action quickly will be the first step, make sure you change your passwords on your accounts and call the companies to alert them of the fraud. There are options to bar anyone but yourself from accessing your accounts and you can also put secret word verifications onto your credit accounts for when you call in to ensure that people who have all your personal information like birth date can’t pose as you…like your parents did.
You can also contact your credit reporting agency and advise them of the situation and also get them to apply verification measures for when people try to pull your credit report for the things you mentioned: renting an apartment or getting a car, to ensure that no one tries to apply for anything else in your name.
After you’ve advised all relevant parties of the situations you should see what your credit score is currently and decide from there. Filing for bankruptcy will eliminate ALL your debt is faster, and enables you to start over much much faster. Yes it will ruin your credit but if it’s already ruined you really have nothing to lose in that sense, and yes it will stay on your report for several years but if you are as good with money as you say you are then rebuilding your credit will take less time than most.
The second best option is to file a consumer proposal, which doesn’t ruin your credit as bad. There are two types of proposals and if you can swing it you should opt for an informal proposal because it is the fastest way to basically transfer the debt back to your parents. Doing an informal proposal involves having a turnaround consultant negotiate with the credit companies on your behalf for a reduced and frozen balance, meaning once there is an agreed upon balance there will be no interest tacked on because you (or in this case your parents because it’s their debt you’re technically negotiating) would then provide a lump sum payment to the creditor and the deal is done. The only technicality with an informal proposal is that your parent HAVE to be able to come up with the lump sum payment.
I agree that your parents need to pay. I know this is tough, but they certainly didn’t care about you so you need them to eat some misery.
But…right now, put a freeze and a fraud alert on each of your credit reports. That way no one but you can get any credit in your name, and to do so…you have to call and have the freeze removed. You will likely have a series of security questions to do this. You set these up when the freeze is put on. Make sure however this is done, it is not information that your parents would know.
Call each of those card companies & begin the process ofclearing up the ID theft. You can prove this by supplying documents stating your legal addresses and phone #’s on file during the timeframe that they opened these accts. You might also need maybe any correspondance you might have with their home address while all this was going on.
You will not be made to pay this off, but by proving your parents did this, the ball might be taken out of your court & lawyers for the card companies might sue them for theft.
Finally, what have the proud parents had to say about all this?? They should be ashamed.
Please don’t take this the wrong way, but what have you done about this since last July?
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