my buddy owns a rental home that i help manage and i am on his account for this home so i can write checks for it if i need to make a mortgage payment etc.. my question is do i need to list this as a bank account that i have?? can they take the money out of it? could they find out if i have it if i dont list it on the list of bank accounts that i have?
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Have you EVER used this account to pay a debt of your own, one that was not directly involved in the management of the rental home? I don't want to say anything that would encourage you not to report what you technically should, but if you have only ever written mortgage checks for THAT one property on that account, and your name is not on the property, only the checking account, I would think it would be hard for them to find. But it's not something I would count on unless I was sure, you know?
Technically, you're supposed to list it, and you would differentiate that from your other accounts in your Form 7 Statement of Financial Affairs, but honestly, once you get into listing property that is not entirely yours, you need an atty's assistance. That's my opinion, anyway.
Nolo Press book on filing Chapter 7, there are others too. (I have no affiliation with Nolo Press; just a happy customer.) Best wishes to you! -
i have never used it on anything of mine at all. i just dont want to list it and have them take the money out of his account.. how often do they actully want money out of your bank account lets say if you have $2000.. anyone know what the amount of equity in property and cash you are allowed to have in michigan?Comment
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