i am in chapter 7 bankruptcy but i have a friend whom is wanting me to become POA can i do this legally while in bankruptcy?
Valley, AL
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Posted about 1 month ago in Power Of Attorney
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he wants this soon.
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Answers (1)Erik Scott Newton
This attorney is licensed in Illinois.
Posted 29 days ago.
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Yes. You should check with your bankruptcy attorney or preparer to discuss the details and come to a final conclusion. However, a power of attorney is a special legal relationship between you as agent and the person giving the POA as principal. I assume you are talking about a POA over financial affairs and economic matters. This gives you the power to operate in the financial sphere just as that person could govern their own affairs. Usually, this means writing checks, paying bills, and other economic organizing on behalf of the elderly or those with special needs. But there can be a lot reasons for a POA.
At any rate, while you have the right to dictate certain affairs, that right is limited such that you must control the affairs for the benefit of the principal. Any money you spend or debts you pay that belong to them must be for their benefit. Neither their money, assets, nor debts are yours, and they will not and may not be treated as such for tax purposes, bankruptcy, etc. Be a good friend or family member and take care of those in need. |