Question about CD.

[iam40]

Hello,

I have a certificate of deposit that my 93 year old grandmother put in both mine and her name. I am now in the process of filing Chapter 7. I have cashed the CD and now have 5000.00 in a cashiers check. I am so afraid that they will take this money. Not for me, but for my grandmother. It is truly her "only" money. She uses the interest on it every year to pay bills. She is devastated that I am filing and extremely stressed that she will lose this money. She wants me to put it in a safety deposit box in her name. Can I dod that? I am planning to file in about 4 - 6 months. Will they look back and see that I cashed in a CD that was dual ownership between me and my grandmother. I really don't want this money. I just don't want my grandmother to lose it. Any suggestions are appreciated!!

TIA!

[jribe]

why did you cash in the cd and take a cashiers check? Hopefully you did not have that made out to your name?

Best suggestion is to give that to your grandmother and have her open another CD in her name ONLY and if needed- you as a bene (only)- at the same bank the org CD was in. If the trustee asks for bank statements- that CD will show up- and then they'll think you're hiding other things.

[BornAgain]

I vote: See A (Good) Lawyer Right Away.

[DebtStinks]

I believe that with joint ownership of an asset the assumption is that half of the asset value will be part of your bankruptcy estate. Good lawyer is a good idea!