Joint Bank Accounts

[Scream2Death]

if i'm filing for bankruptcy, should i remove my name from any *bank* account that i have with my wife?


thanks =(

[treehugger1]

Are they "joint" or are you simply an authorized user? If you are an authorized user, then the debt is generally not yours. If you are listed as joint responsibility then removing your name from the account, will probably put all the responsibility on your spouse. In either case, you do need to be concerned about how much you have "paid" on these accounts. Any payments above $600 for a joint might be considered preferential. Any payment as an authorzied user may might be considered 'payment to an insider.' If you have made similar payments on all accounts you owe, then I've read on other sites that the "insider preference" may not be much of a concern. As always, this probably depends on the local BK rules/customs in your region/area.

[Scream2Death]

so sorry, i forgot to to mention bank account; i will edit the original post. but thanks for help =)

[bige1030]

Whose money is it? Do you share the money, or is it mainly hers?

[spell]

SoFA requires you to list all recently closed accounts and their balances when closed.
So, it'll be included either way.

If it's set up as a true joint account, 50% of the money is yours.
If it's set up that way as a convenience such as you helping grandma out with billpay, have the bank adjust things to a single owner, you as an authorized user and be prepared to explain if asked and prove if pushed (ie Only deposits are Grandma's, withdrawls are all her's too).
But don't be shocked if the Trustee blows past it without blinking.

If it's really your money, report it as such.