Warning: Zend OPcache API is restricted by "restrict_api" configuration directive in /srv/users/serverpilot/apps/lawslookup/public/wp-content/plugins/tubepress/vendor/tedivm/stash/src/Stash/Driver/FileSystem.php on line 253
joint account bankruptcy consumer bankruptcy
How does bankruptcy affect a joint account holder?
Someone who shares signing authority with you is not liable, simply for that reason, for your debts. Your interest in a joint account is an asset of your bankruptcy estate. That doesn’t mean that a Chapter 7 trustee will try to grab all the funds in a joint account, however. You can offer proof that only a certain amount of the money actually belongs to you, or that your name is on the account merely as a convenience to a friend or relative who really owns the account.
Don’t be tempted to use a joint account as a way of putting assets beyond the reach of your creditors. Say you open a joint account with your neighbor Fred. You sell your Porsche and deposit the check. Fred then withdraws the check and buries the money in a tin can in his backyard, right next to the fence. This transaction is a fraudulent transfer, and Fred can be required by a creditor or Chapter 7 trustee to return the payment.
(Reviewed 11.14.08)
Read more for related video clips.
YouTube responded with an error: The request cannot be completed because you have exceeded your <a href="/youtube/v3/getting-started#quota">quota</a>.
https://www.lawslookup.com/youtubes-terms-of-service/
- How does auto insurance pay for property damage in the event of a car accident?
- health care directives
- Does a foreign-born child adopted by a u.s. citizen automatically become a us citizen?
- What is the parent locator service?
- forum
- utility patent
- What is Chapter 11 bankruptcy?
- How do stock options impact alimony, separate maintainance and child support?
- I have a great concept. Can I patent it?
- estate taxes