Question about kids accounts

[momof3b1g]

We cannot exempt the kids savings accounts. (don't have enough exemptions) But what if we took the money to pay the lawyer. Then we would pay them back after the bk. If the lawyer questions the $ taken from their accounts we can tell them we paid the lawyer with it.

Will they put this down as a debt, as money owed to the kids?
They say its our money too, as they can take it. So that wouldn't make sense. Do you think they would question this?

[HHM]

Why not just open a 529 College Savings account and put the money in there...that kind of BK planning is permissible, those accounts are typically exempt.

You would not disclose any debt owed to your kid...keep in mind, a minor cannot enter into a contract

As for payment of attorney's fees, using that money to pay the attorney is permissible, but I would explore other options before raiding your kids money.

[momof3b1g]

Why not just open a 529 College Savings account and put the money in there...that kind of BK planning is permissible, those accounts are typically exempt.

You would not disclose any debt owed to your kid...keep in mind, an minor cannot enter into a contract

As for payment of attorney's fees, using that money to pay the attorney is permissible, but I would explore other options before raiding your kids money.

Their savings is not for college.
I am not trying to use the kids money to pay, just trying to protect it.

[Flamingo]

If you are short of funds to pay the attorney, the funds in your childrens' savings accounts are considered custodial funds and they are an asset to you as you have access to those funds and can withdraw them at any time for any reason. There is no reason why if you are short on funds to file and want to borrrow those funds and repay later not to do so. That is your own personal decision but I would certainly ensure I put those funds back in time. I would definately let the attorney know what you are doing as to where the funds came from for his payment. I don't think you would have a problem as the money to pay the attorney has to come from somewhere. If you are in doubt, check directly with your attorney.