If i have a joint bank account with someone who deposits cash into the account..How do they determine what money is mine and what money is theirs..ex...There is more money being put into the account every month then there is money in my paycheck. (Obviously because not all the money is mine) I dont want them to think that i am hiding income from them from the cash deposits and i dont want the other person to be questioned about their deposits either...is this a problem?
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Is the someone a spouse? A friend? Someone else?Originally posted by NY1 View Post
This can be tricky, especially if you are filing bankruptcy and the person also on the account is not.How do they determine what money is mine and what money is theirs..
The best option is to open your own account well before filing and move only your money into that account. Once that's accomplished, then take your name off the currently joint account. That way there's no doubt that the money in the new account is yours alone, and that you have no money in the old account.
If you file with the shared account, it may open lots of questioning by your trustee because they will see an amount you listed as yours is different than the total amount he/she sees in the shared account's statements. By starting your own account, you won't have to dance through multiple old account statements with your trustee proving which is your money and which is the "someone's" money. It's not as easy to do that as you might think. Best to separate the money now before filing.
However, as always, before doing anything, ask your lawyer what is best for you to do in this situation. If you open a new account and take your name off the old account close to filing, that could open up potential trustee questions also.Last edited by lrprn; 09-30-2009, 06:31 PM.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
I have and had a joint account with DH during the whole process (I filed, he did not), however, I made sure that we never had more than $500-$700 in the account, he had his check deposited to his own account then just transfered to our joint account when needed ie; car payment, car insurance, cobra payment.Comment
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