If you have been appointed to serve as the legal guardian of another person (the “ward”), you typically have been given a broad range of powers that allow you to manage the individual’s personal affairs. It is your duty to act on behalf of the ward and in his/her best interests. This may include filing a Chapter 7 or Chapter 13 bankruptcy if the ward has significant amount of debt and minimal assets.
If the ward owns a substantial amount of assets, a conservator may be appointed to manage his/her financial affairs. If a conservator has been appointed to manage the ward’s property, the conservator is the only individual with the authority to file a personal bankruptcy on behalf of the ward. In Wisconsin, a conservator is a fiduciary that must comply with the Prudent Investor Act. Thus, if the standards set forth under the Act are met, then it is likely to be appropriate for the conservator to file a Chapter 7 or Chapter 13 case on behalf of the ward.
One issue that can arise when a guardian or conservator files a bankruptcy on behalf of the ward occurs when the guardian or conservator is owed money by the ward. This could be a conflict of interest because the guardian or conservator would be a creditor of the bankruptcy estate.
You should also be aware that the probate court or family court typically reviews annual reports of guardians or conservators that propose bankruptcy for their ward with close scrutiny. Thus, if you are serving as a guardian or conservator and you are considering a Chapter 7 or Chapter 13 filing for your ward, it is important to contact the legal team at DeLadurantey Law Office, LLC for assistance.
Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC. DeLadurantey Law Office focuses on student loan debt, Chapter 7 and 13 bankruptcy, debtor’s rights, debt negotiations, debt relief, mortgage loan modifications, and foreclosure defense. A “defender of the little guy, “DeLadurantey Law Office serves the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County. We can be contacted by phone: (414) 377-0518 and can be found on the Internet and on Facebook.