I have a Heloc with washington Mutual. I plan to let the banks foreclose on my house. I know I need to close out my checkings accounts with them. My question is in reagrds to my daughters money market account with them. It was opened about 3 years ago when she was 1 years old. Since she is a minor my wife is the custodian on the account. Should we close that as can they touch that money??
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Chp 7 Filled 2-21-08
341 Hearing 3-24-08 -
Your daughter is a private entity. The account sounds legally like a Trust fund. I don’t think it would be legal to take someone else’s money for your debt. If you wish to be safe, it would not hurt to move it. Be carful not to spend any of it and keep a good paper trail as it is only a transfer, not a loan/payment deal that would get you a preferential debtor problem. ‘HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
The account is just a custodial account which probably reads something like "xxxx for the benefit of (the child)." That is not a trust but a custodial savings account and your wife has full access to that account to withdraw at any time for whatever purpose so the money market money is available to both you and her. That money is an asset to you and your wife.Originally posted by monkatom View Post_________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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Close that account ASAP before Wamu/now Chase robs your daughterComment
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