Q16 Debt

Family Debts

This question relates to debts that you, your spouse, or dependent child have in amounts over $1,000. Common examples of such indebtedness include car loans, personal loans, student loans, mortgages on second or vacation homes, court judgments, or debt that originated as business debt but became personal debt through default and enforcement of a personal guaranty. You should only identify who owes the debt and the name and address of the lender or creditor. Do not list the amount of the debt.

THIS DOES NOT INCLUDE, AND YOU SHOULD NOT LIST, THE FOLLOWING TYPES OF DEBT:

• Debt owed to a family member. A “family member” is a person related by blood, marriage, or adoption to the third degree of consanguinity or affinity (which includes the debtor’s parents, children, siblings, aunts, uncles, nieces, nephews, grandparents, grandchildren, and first cousins).
• Debt that is secured solely by a mortgage of record on real property the debtor uses exclusively as a primary residence, if the mortgage is held by a bank or financial institution regulated by the government. In other words, the mortgage on the house where you live most of the time is probably excluded here.
• Debt that is owed to a credit card company based on credit card transactions and associated fees, unless the collection of such credit card debt resulted in court proceedings and the issuance of a default judgment that was not fully satisfied/paid by the start of the relevant filing year.