What happens with bank accounts?

[suprdav2]

I am filing ch.7 on myself within the next month. Here's a problem:

I have my own checking and savings account. When my wife and I first married, we had joint checking and savings accounts. Around the first of this year, we went to Chase to have me removed from her accounts, (since I have my own) and they told us that they can not remove me unless I pass away!!

When I go to file bankruptcy, am I going to have to list those accounts of my wives that I am still on......or "forget that I'm on them"? Or should I list them, and explain why my name is still on them, and that I don't use them?

[herekitty]

That's a bunch of crap! I've never heard that before. Close them and have your wife open seperate ones. You'll still have to list them - even after you close them with an explanation that Chase would not release your name even though your wife was the only one who actually used the accounts. This way if you file without your wife, her accounts should be safe. Either way you'd have to list.

[HHM]

I don't quite understand Chase's position and I too have never heard of that.

However whether your name is on the account or not, you have to list your spouses, income, assets and expenses on your petition anyway because they are all part yours and therefore will be subject to the bankruptcy estate that is controled by the trustee.

[hhou812hh]

I have 2 credit union accounts for a reason. BANKS STINK!!! I encourage everyone in the world that's reading this post to close all of your commercial bank accounts and use credit unions or savings banks if possible. You just gave us all another reason why...

[HHM]

Maybe, but CU's are the most obnoxious when it comes to bankruptcy.

[hhou812hh]

I heard that too about CU's. The reason that I like them is because they do things the old fashion way. They issue people credit based on ability to pay while banks issue credit to everyone based on credit score with no regard for ones ability to pay. In the last 2 months alone I received 50 invitations for balance transfers from Chase & BOA just gave me a 4000 credit line increase even though it is impossible for me to pay it back.(Don't worry I didn't touch it). A while ago I asked for an increase of $1000 for my cu visa and they said no. The banks run their business like a welfare state. They take huge risks to consumers, businesses (IE Enron, etc.), and 3rd world countries and when they default they make others pay as well as cry "not fair".

Just my 2 cents...

[suprdav2]

Also, what would happen to my checking/savings accounts? Would the trustee "empty" out those accounts to divide to the creditors, or just leave them alone? There's not much in them as I live paycheck to paycheck.

[robivi3]

Just to clear one thing up. The Trustee divides to himself and his lawyer, the creditors see a scant amount if any in most cases.

[Luna]

I don't quite understand Chase's position and I too have never heard of that.

However whether your name is on the account or not, you have to list your spouses, income, assets and expenses on your petition anyway because they are all part yours and therefore will be subject to the bankruptcy estate that is controled by the trustee.

Pardon my disagreement with this statement....but....this only applies in COMMUNITY PROPERTY states.