Convert to 7? Name on parent's accounts?

[appleae]

is it possible to convert from 13 to 7 if the debtor's name is listed on parents' bank accounts for estate-planning purposes?

[AngelinaCat]

It is possible to convert from a 13 to a 7. How it impacts your parents' accounts, I am not sure and would have to look it up.

I DO know, however, that the courts considers any account that your name is on as being jointly owned by you. If you can show that this is for estate planning, and/or that you have a Durable Family Power of Attorney for your parents, you might be okay.

If you have an attorney, this is something you need to discuss with him/her--as you must discuss the switch to a Ch7.

Good luck to you!

[doingpoorly]

I was listed on my mothers accounts for emergency purposes and the tt understood that those we not funds that were available to me to use as I wished. There were significant funds that most certainly would have made a tt happy if he decided that they were actually mine and not my moms. I did have proof that every penny in the accounts was moms and that I had never deposited or withdrawn money ever but the tt never even looked at it or asked about the accounts after the initial explanation. Also, we listed them in property held for others and not where my checking/savings accounts were listed.
Good luck

[music12]

my lawyer told me not to even list my parents' accounts even if my name was on them.

[appleae]

I took a break from the Forum over the long weekend. Thanks for the reply. Did you have to discuss your case with your mother since her assets could potentially come into play?

I was listed on my mothers accounts for emergency purposes and the tt understood that those we not funds that were available to me to use as I wished. There were significant funds that most certainly would have made a tt happy if he decided that they were actually mine and not my moms. I did have proof that every penny in the accounts was moms and that I had never deposited or withdrawn money ever but the tt never even looked at it or asked about the accounts after the initial explanation. Also, we listed them in property held for others and not where my checking/savings accounts were listed.
Good luck

[music12]

"have to"? no. but i thought i should, and i did. if you dont' want to tell your parents, ask a lawyer first. if your lawyer says there is a risk to the money in your parents' account, it's only fair that you'd tell them and discuss it.