I know I need to address this to the atty but I thought I'd ask you guys first. Consult for Ch 7 later this month. Anyway, I just learned that my mother has me on her checking account. I must have signed something YEARS ago but don't remember. She did this so that if anything ever happened to her, it would be easier for me to access it. She also has me on the DEED of her house (I'm not on her mortgage). How does that work? Are those things considered "my" assets? I can get my name off of them I suppose but then that would look "shady" I imagine to the court? TIA for any input. You guys are great.
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YES. You are right on both items. You have a joint checking account. There is no such thing as an authorized user on a checking account. Whatever she has in her account is your money on paper. To get you off, she MUST close the account. Then reopen another. There is no just dropping an owner in a bank checking account. A Credit Union differs.
Same with house. You own 50% of an undivided interest. If you die, she owns 100% and vice/verse.
You can quit claim yourself to her, have her transfer her money and keep a little in the joint account, but yes, it is going to be 'hairy'. You do not wish to even give a hint of abuse. The Court System is pretty fair unless you abuse or seem to abuse them. Then it can be rough. Time would be your friend in this one. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010. -
Authorized User on Amex
Oh one other thing. I've never used the card (don't even have it in my possession) but I believe she has me as an 'authorized' user on her Amex card. Is being an 'authorized user' the same as having the card in YOUR name? I don't want to affect her good credit rating. This whole thing is so stressful and humbling. I would have never thought I would be where I am after 20 years of perfect credit and sound financial history.
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Thank you for the info! So I guess this will delay my whole process? Ugh. Just what I need.Originally posted by AngelinaCatHub View Post
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This is very, very delicate. You need to speak to your attorney, hopefully he is a good one. Do NOT transfer anything without proper guidence from your attorney.
The look back period on real estate transactions is UP TO 10 YEARS. It is possible that the Trustee may look back only one year, but it is just as possible they can go back further. The Trustee has a staff. One of the easiest things to do today is to see property transfers. If you quit claim your name off your mothers property, it will show in the public records. This is a transfer.
Read here: http://www.************************/...rt-one-of-two/Filed CH 7 9/30/2008
Discharged Jan 5, 2009! Closed Jan 18, 2009
I am not an attorney. None of my advice is legal advice in any way..Comment
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Yes, StartingOver08 is right (as usual). Best bet is to wait and talk to lawyer. This could be properly explained in your 341 as your MOTHER'S way of her financial planning and estate planning and not of your own making. It is all about the words and the way they are expressed. Ask any lawyer or Obama. 'HubOriginally posted by StartingOver08 View PostIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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Thanks for the info. I'm so discouraged now. The only reason she did this was to mitigate the hassle of probate in the event of her death. Now, it sounds like it could all but emilinate my chance of starting over with Ch 7. If we are joint-owners on the house so to speak, could they go after it even though I'm not the sole owner? This whole thing is so confusing. Hope the consult is good. Live in a small town, not many attorneys to choose from unfortunately.Originally posted by StartingOver08 View PostComment
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i know this is discouraging. however, this kind of thing happens all the time with parents putting their children's name on things to avoid probate etc. . trustees know that. so while technically these are your assets on paper, the truth is that they are not.
the questions they might ask you are: did you ever put any of your money into that checking account? did you ever make any mortgage payment or down payment on that house? if not, then it's just not yours. bk isn't meant to destroy your parents. but of course it's a risk and an attorney who knows the trustees well can help.
if you are only an authorized user on the cc, you are not responsible for it and do not need to list it as a debt in your papers.filed ch7 May 09
341 june 09
discharged, closed Aug 09
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