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    Joint Account Question

    I would like to get some advice on how to handle a joint account with my daughter. My husband and I are planning on Filing BK in September and I have my name on a joint account with my daughter - she is 24. Originally, I was the co-signer on this account when she was minor. It is her primary account now and I do not use it nor is any of the money mine. Need advice on whether I should take my name off the account, close the account or have my daughter open a new account and draw the account down to a minimum balance. Or are there any alternatives that have a positive outcome that I can pursue? Thanks so much.

    #2
    This is really something you need to discuss with your attorney. You want to make sure you don't do something that will be considered a fraudulent transfer. I suspect there is a very easy solution that will be satisfactory to both you and your daughter, but the answer needs to come from an attorney because it would be legal advice.
    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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      #3
      raygunn99, do you know whether you will file Chap 7 or Chap 13? As I mentioned in the other thread, how much of a concern the account is will partly depend on what Chapter you file.
      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!

      Comment


        #4
        We will be filing Chap 7. We meet the means test for income.

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          #5
          If you have exemptions to cover the account, there is definitely nothing to worry about. If not, then discuss it with your BK attorney. Actually, either way, your attorney needs to know about the account. (I'm going to move this thread to the Chap 7 subforum, just to keep things tidy )
          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!

          Comment


            #6
            Thanks for the advice. I will be consulting an attorney in the new future.

            Comment

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