My daughter's money

[ejny65]

Hi everyone, and thanks for always helping me get my answers.
Here is another question: My daughter(17) worked last summer and has a checking acct. will she loses her money because she is a minor and lives with us? Is her money an asset? or considers cash on hand????

Thanks

[JollyGG]

Is your name on her checking account? Is her name on the checking account?

There is a place on the bankruptcy petion to put accounts held by you for another person.

Under the statment of financial affairs

14. Property held for another person
List all property owned by another person that the debtor holds or controls.
NAME AND
ADDRESS OF OWNER
DESCRIPTION AND
VALUE OF PROPERTY
LOCATION OF PROPERTY

[ejny65]

when she was opening her account, we went to bank and I had to sign couple of places on some forms, but on her check book, its only her name.

[cj0203]

If your name is actually ON the account, then it could be an issue. Just because her name is the only one on the checks doesn't necessarily mean your name is not on the actual account.

I'd call the bank and check it out.

[magyar123]

when she was opening her account, we went to bank and I had to sign couple of places on some forms, but on her check book, its only her name.

What kind of forms did YOU have to sign?

[ejny65]

What kind of forms did YOU have to sign?

I am not sure! but I know we cant write checks from her account. Did I mention we are talking about +/- $300 ??

[JollyGG]

My kids each have a savings. Each had around 300. The money was never touched by the trustee. It was just listed as an account held for another person (of course we ended up having to pay the lawyer, my kids are only 4 and 1 so I figure I paid it back when I started their 329 college savings plans).