My son has purposely run up credit card debt to $15,000 in his name. This is not the first time he has done this. I paid for his bankruptcy a few years ago. He does not live with me. He is 35 years old and doesn't work.
He has read literature on the internet that states that he is not liable for the debt. He can ask certain questions to the credit card companies or court and if they don't reply, he is not responsible for the debt. I just paid off his student loan $20,000 and other debt ,so he could have good credit. I'm just sick about this. I've paid well over $150,000 for him over the last seven or eight years.
I just bought him a 2016 Toyota Corolla Deluxe model for $18,000. last year. I co -signed for the loan but I make all the payments twice a month. I pay the car insurance.
I still owe about $12,000 on the car. He keeps telling me not to worry about the credit card debt and he knows what he is doing. I have a hard time believing him. I'm paying extra on the car to pay it off sooner. It seems it never ends with him. Should I not double up on the payment? I have tried so hard in the last decade to keep his credit good. It was all for nothing.
Your son sounds like he's playing the system, and you. I would not pay anything more than you have to pay to keep your own good credit rating. Once you are off the hook for the car loan, don't advance any more money for your son. He has had enough time to turn things around for himself, and it's time to let him fend for himself.
Disclaimer: As always, you get what you pay for. Be sure to talk to a qualified attorney in your area about your specific situation before you choose to rely on any information you get from internet discussion boards such as this one. I am a Michigan attorney and I do not give advice about state law other than Michigan law. If you live outside of Michigan the information presented here is based on federal law and general legal principles, and should not be construed as advice specific to your state's law.
He is correct about ways to mess up the collection of credit card debt, but in the event that a creditor gets a judgment against him, he will only have a $1000 exemption on the car. In other words, if the car is worth $10,000, the creditor sells the car and gives him $1000. Do you understand that you are enabling his irresponsible behavior? If that $150k had gone into a spendthrift trust you could have provided for his basic needs without flushing all that cash down the toilet.
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". I've paid well over $150,000 for him over the last seven or eight years. " - Goggle "enablement" and you might find yourself staring at your own picture. Sorry - but no one will have sympathy for what YOU created nor the financial problems you perpetuate with a grown adult child. That is ALL on you to address and take responsibility for. That said - YES - judgment creditors can take, or try to take, any asset of value for sale to satisfy the debt. At this point you are already committed so, absent willingness to destroy YOUR credit - pay of what you owe for his debts, and THEN get some SERIOUS counseling as you truly need help with this issue and you seem to have some serious emotional or psychological issues driving such ridiculous financial decision making and volunteering for exploitation.
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