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How to protect my family's assets from our parent's debt

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family guy


Arresto Menor
My parents are in-debt and though they are able to pay them (sometimes with difficulty and delay) now, I am worried for the possibility that they might go in-default and risk mine and my wife's savings and hard-earned property. Neutral

From what I understand, if they go in-default, creditors can run after our property and assets. Shocked

How do I protect myself from my parent's debts?

Thanks in advance.

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attyLLL


moderator
creditors can run after only the properties of your parents, not yours.


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family guy


Arresto Menor
Thank you, attyLLL,

This is a huge sigh of RELIEF!

Just out of curiosity (and I hope you don't mind my asking), is there a law (or ruling, or something) that I can look at that talks about this-- ie., that creditors of my parents cannot run after me (their child) and my wife's assets?

THANKS!!!
family guy

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attyLLL


moderator
the rule that contracts are binding only upon the parties.


_________________
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Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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