I was advised to use the wildcard exemption to protect my childrens bank accounts and savings bonds. I find it hard to believe that this is necessary, as these are not assets owned by my wife or myself. My wifes name is on the bank accounts, as the bank requires a parent to on the account. There have never been any withdrawals on these banks accounts, just deposits. The savings bonds are only in the names of our children. Has anyone else had to use their exemptions to protect their children's bank accounts and/or savings bonds?
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Chapter 13 Filed (Pro Se) - 9/30/09
Confirmation Date - 12/1/09
Stats - $1752/month, 29/36 completed, 4% to Unsecured, Lien Stripped 2nd Mortgage -
Good question... I was wondering the same thing. I have two savings accounts and a CD in my children's names (with mine since I am the parent). They are with INGDirect.com and, like you, I have never taken out any funds only added and rolled over the CD into another one.... I would be unfair to have to use part of the exemption for these accounts.... -
Unfair or not, you may have to since, with a parents name on the account you do have ownership.Comment
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