What happens to a child's bank account?

[karibaa]

My daughter is 17 and has money in her bank account from her job. Because she is a minor, my name is on the account. I realize I have to list this account as an asset, but can the money be taken by the trustee? There is no cash exemption in my state.

[despritfreya]

This account is listed on Schedule B with a value of $0.00 and a notation that it is joint with minor child and that the Debtor has no equitable interest.

This account is listed on Question 23 of the Statement of Financial Affairs as property you are holding for another - jointly with minor child.

So long as none of the funds sitting in the account came from you the account should not be an issue.

Des.

[Chrysalis]

One important question here:

Is the account solely in your name?

We have all of our kids' money in our names only -- because they are minors, and because we didn't want them to be able to just take it out and go do something stupid with it. It appears that we were the ones doing something stupid with it instead -- because if we file Chapter 7, that money has to go.

[karibaa]

Thank you both for your words of wisdom : ) The account is in mine and my daughter's names, the only money is from her part-time job and me occasionally transferring a few dollars to it so she could pick up family groceries on her way home.