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Name as joint on mother's bank acct. Do I need to report it.

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    Name as joint on mother's bank acct. Do I need to report it.

    We will be filing a CH 13 in October. I am filling out the packet of papers and wasn't sure what to put in the bank account sections. I have listed my joint acct w/my husband and an acct in only my name. Both are used for our joint expenses.

    Now, I have a joint account with my mother in another city. She is getting older and we set it up that way in case she would need help in the future with managing her finances.

    So far she is doing well on her new medication, but there was a period of time when we thought she was not going to be able to manage on her own. I don't have power of attorney at this time and the money in the account is hers. We only keep about $50 in it to keep it open with no fees, no checks, and just add some if necessary. It isn't used very often. On occasion I have paid a bill by phone for her using the debit card. She transfers money from her primary checking and I call the pmnt in. Do I need to list this account on my forms.
    Ch13 filed 1/13/11, 341 held 2/17/11, Confirmed 3/23/11
    1% to unsecured creditors
    25 down, 15 to go! Thanks to all for your help here on the Forum!

    #2
    If your name is on the account that means you have access to the funds in the account no matter what amount is in there. Yes, list the information in the packet of forms (I am assuming what you are referring to is the packet from your attorney) and advise the attorney of the purpose of that account.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"

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      #3
      I'm on a joint account with my mother. My attorney listed it on my asset schedule with a zero value and said my name was on the account for convience and it held none of my own funds. I also filed at the end of the month, before my mom's social security check gets deposited, so the balance was very low. If the trustee had a problem with it, I believe we could have exempted it anyway since it holds only her SS funds. I also had wild card exemption to cover it if needed. The trustee never asked about it.
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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        #4
        I have a question...my wife has a joint account with her mother that they have had for 10 years. It hold mostly CDs worth about $3K. Can the mother remove my wife from the account prior to us filing (two months from now)? Not trying to do anything unethical as the funds are 90% the mothers. Thank you.
        Mortgage modification requested: 6/1/10
        Retained BK attorney: 6/5/10
        Filing Ch 7: 10/5/10 ???

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          #5
          Originally posted by azballer View Post
          I have a question...my wife has a joint account with her mother that they have had for 10 years. It hold mostly CDs worth about $3K. Can the mother remove my wife from the account prior to us filing (two months from now)? Not trying to do anything unethical as the funds are 90% the mothers. Thank you.
          Before having your wifes name removed definitely check with an attorney. As you state, your wife has at least 10% interest in the account.
          Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
          I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

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