subject: Cc Brown Law Office - Bankruptcy Filings And Senior Care [print this page] Utah county foreclosure:Caring for senior citizens comes with many responsibilities and challenges. Caretakers are responsible for making decisions which will impact the personal and financial well-being of their elderly parents. And because of financial challenges some caretakers may be tasked with deciding whether they should file bankruptcy on behalf of their loved one. But how exactly does a caretaker make the decision to file bankruptcy on behalf of their elderly parents and once the decision is made what are the challenges of doing so? Let's take a look at a few of the facts,
When an adult child takes over the everyday care of their elderly parents, it's usually done during a crisis situation. The elderly parent may be suddenly hospitalized or become incapacitated which necessitates the adult child intervention. But because of this sudden role reversal, adult children may not initially have enough information to make an informed decision about filing bankruptcy. If the elderly parent can communicate, try to get as much information about their debts and assets before making a decision. Gather recent copies of credit card statements, mortgage statements, bank account statements and other financial records before you speak with an attorney.
An adult child taking care of their elderly parents will need to get a power of attorney before they can file bankruptcy on behalf of their parents. The power of attorney must explicitly authorize the adult child to file bankruptcy on behalf of his/her parents. A power of attorney which does not explicitly authorize the child to file bankruptcy for their parents might not be honored by the bankruptcy court. A matter of fact, getting a power of attorney may be a good idea even if you aren't considering bankruptcy right away. Such a document can be helpful when trying to get financial documents or close financial accounts.
Even if your parents are hospitalized or not 100% competent, discussing their bankruptcy options with them is necessary. Being ill and under the care of their own child can be psychologically stressful for anyone. Helping your parents feel empowered by keeping them in the communication loop about financial decisions you're making on their behalf can ease that tension. Take the time to help your parent understand how their financial situation will improve.
Before meeting with your bankruptcy attorney make sure you have a valid power of attorney and that you have a complete and accurate list of your parents' debts and assets. You should already know if your parents will want to keep certain assets such as their home or vehicle and be prepared to discuss with the bankruptcy attorney how you can protect enough of their assets so that future medical expenses can be covered.
CC Brown law attorneys are constantly looking for ways to improve the financial situation of their Bankruptcy clients. You can visit http://www.ccbrownlaw.com/ to get great tips on managing your financial situation.
