Opening new accounts

[bkpain]

I'm a little confused by a recommendation I received during a phone consult. I am current on all bills except HELOC but only 2 weeks late right now. Treading water and seeing the writing on the wall I am pre-planning and educating myself. The lawyer I spoke with yesterday recommends opening a new bank account with my husband as a signer as well. When I move my funds into this new account couldn't that be looked at as fraud or is he correct that because I'm current it's just "normal business practices". He seemed so sure but after all I've read about "appearances" I am concerned.

Thanks in advance!

[frogger]

Nothing wrong with opening new accounts provided that you disclose them on your paperwork.

[sbush]

I hope there's nothing wrong with that! I opened a new bank account in my husbands name only. I had Chase and owe them a lot of money, so I didn't want them to take it.

[Spagal]

My atty recommended opening new bank accounts as well. I guess its extra protection in case creditors may have your old account number and pull a fast one by making an unauthorized debit. I am assuming its okay because why would all of these atty's be suggesting it? Also, if asked for statements from the old account I would be prepared to hand them over. It should be clear there wasn't anything underhanded going on with the change.

[bkpain]

I don't get how opening a new joint account and adding funds is OK but adding someones name to an existing account is fraud?? Don't get me wrong, I'm all for protecting everything and then some just trying to understand he in's & out's

[keepmine]

You're way overthinking this.
Nothing wrong with opening new accounts or joint accounts.
It's only fraud if you fail to disclose what you've done.

[bkpain]

Well I did it! I made sure it was a TBE account too!! I moved about $5k and will let everyone know if I end up in trouble I pray y'all are right and I was just over thinking it. Of course, after I did it my accountant wanted to know why the funds weren't in a retirement account. Just like worrying about moving the funds from a solo to a joint account, I thought that moving from regular qcct to retirement would be frowned upon. I just wish someone would spell it out exactly how to protect $$ without being fraud!