I am trying to gather info so we can make a decision whether to file. We are consumed by credit card debt and we live in NY.My minor kids have bank accounts One of them is a UGTMA but the other 4 are CD's.My child's name is first but my name is on there too. These accounts have been open about 5 years and they just roll over- no withdrawals taken. Will the trustee take these funds? I don't want my kids to lose their money but if I remove my name now will that be considered fraud?
I also have a question about homestead exemption versus taking a cash bank account exemption. We own our home but the equity in it now I think is $30,000. The exemption limit is $100,000 so being we have no equity can we then claim the cash exemption since in NYS it is either or. In other words would I have to have more than $100,00.00 in equity in order to take the homestead exemption.
I also have a question about homestead exemption versus taking a cash bank account exemption. We own our home but the equity in it now I think is $30,000. The exemption limit is $100,000 so being we have no equity can we then claim the cash exemption since in NYS it is either or. In other words would I have to have more than $100,00.00 in equity in order to take the homestead exemption.
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