My wife and I are preparing to file Chapter 7 bankruptcy in Va. She is listed on a joint account with her father and we are concerned that the funds in the account may have exposure to our estate. Her father is primary on the account and the only Tax ID associated with the account. My wife was added jointly a year after the account was open for death/estate emergency/convienience capability . We have all transaction records pertaining to this account, which show that my wife has never withdrawn any funds, and that any substantial deposits were from her father. My wife has deposited a sum total of $ 800.00 into the account over 5 transactions in the past year. These direct deposits were done for convienence reasons for home supplies and material purchases repayment to her father. For the past few years the account had $ 10,000 in it, but her father in the last month added another 10,000 to the account. Our Goal, is to file this bankruptcy without her Father being envolved at any point, and not to have the funds frozen. My guess, is we would list this account as "Assets held for others"? I was told a Trustee is assigned immediately after the Bankruptcy is filed. Will the Trustee freeze the account asap, until they can evaluate the account details? or will they leave the account alone based on the information we provided? What is the most likely outcome that would happen in this situation?
Any legal answers pertaining to this would be greatly appreciated.
Mike
Any legal answers pertaining to this would be greatly appreciated.
Mike