How does Chapter 7 work with a joint account?

[swampwiz]

I have a joint account with my mother with a few grand that was supposed to be a gift to help me buy furniture for my new home (HA!) She has been making all the deposits, and when the time would come, I would simply start spending the cash. I would think that if I just kept the account as is, the money in that joint account would be subject to seizure, so obviously it would be in my and my mother's interest to not have it as such. I'm wondering about the legalities of having her withdrawing the money. She has been the one who has been depositing most of the money, and I have withdrawn more than I had put in, so I think that it could be shown that it was *her* money to begin with, only to be given to me when the time would come.

Anyway, I'd like some advice on how to handle this. I just got rejected at yet another job, so like Luke, Han & Leia in the trash compactor, I'm feeling the walls become ever closer.

[backtoschool]

The money needs to be exempted or the trustee will take it. If you take your name off the the account now, the trustee will still consider that a "transfer" or "hiding assets" and will most likely take the money.

I would spend the money on non-luxuries and exempt what you can of the money.

[swampwiz]

Can't my mother simply decide on her own accord to withdraw the money before I would file? It's her money too, isn't it?

[AngelinaCat]

No. If it is in both your names, you own it equally, and you would be held responsible for it. If you are going to file, this is one of those things that has to be cleaned up well before 180 days.

[swampwiz]

OK, I guess I can wait.