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FAFSA and parents filing Bankruptcy

Mysterywiz07Mysterywiz07 Posts: 6Registered User New Member
Hello, my parents have filed bankruptcy and are in the process of having a court date to have judge hear their case. Does the fafsa consider this since we lost around 4 properties that we used to own? (Due to the bad housing market in California) Does this affect my financial aid at all? Will it increase or have no effect?
Post edited by Mysterywiz07 on

Replies to: FAFSA and parents filing Bankruptcy

  • kelsmomkelsmom Posts: 12,512Super Moderator Senior Member
    No. However, the best way to find out is to contact the school(s) and ask them if that is a legitimate reason to file a special circumstances request.

    The FAFSA does not allow for any special consideration. You must fill out exactly what is asked. If you want special consideration from a particular school, you work through them.

    In your situation, I am not sure what changes could be made. If your parents lost their property, they no longer have an asset to claim. If they made money in 2008 from the buildings they lost, and now they will no longer make that money due to foreclosure, then a school might adjust expected income accordingly (but they don't have to do so).
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