whose asset is it??

[sval]

I believe my name may be on a savings account of my sisters-only in case of her death as I am her only close relative since my mother passed away 8 years ago. I vaguely recall signing a form years ago for this account. I saw an attorney yesterday & was advised I inquire as to the amount in this account--$11.000.00 or less. I am reluctant to disclose my financial situation to my sister( my shame & her opinion) & I truly have 0 to do with this account. 1 attorney suggested I have her put my sons name on this account & return it to mine once I am through the bk. Any suggestions?

[despritfreya]

If the attorney suggested that you take your name off the account, I recommend you get a 2nd opinion as doing so is a technical transfer that must be disclosed in question 10 of the Statement of Financial Affairs.

In situations like this I have the debtor list the account on Schedule B with a $0.00 value and a statement that it is held jointly with sister for "estate planning purposes only" and that the debtor has no equitable interest in the account. I also have it listed in the Statement of Financial Affairs as "Property Held for Another" (Question 14). Lastly, I tell the client to let the sister know what is going on as the sister may have to prove that the funds in the account belong to her.

Hope this helps.

Des.

[sval]

How exactly would she do this? By showing all monies there were either direct deposit from when she was employed or transfers from investments of hers when she needed a large sum of money to pay for recent upgrades in her condo? I'm more nauseated about the thought of my telling her what I am doing than the actual procedure.

[tcreegan]

Hi sval,

despiritfeya has the advice you need, but I wanted to add a word of encouragement. A BK is not a moral judgement, just a business decision. It is all about numbers on the page and what is the best course of action for your situation. Don't let your sister discourage you, there are a million of us in BK with you.

Hang in there,

Tom in Colo

[despritfreya]

Hi sval,A BK is not a moral judgement, just a business decision. It is all about numbers on the page and what is the best course of action for your situation. Don't let your sister discourage you, there are a million of us in BK with you.

Exactly. . .

And, I can tell you from experience, your sister would be more upset with you if you did not tell her. Family is family and trust is a big part of the equation.

As to how she shows the $$ is her's, should the need arise, you have the right idea. Tracing is all it takes.

Des.

[sval]

Thank you for the info I needed. I will soon contact her & arrange a meeting to discuss this situation. This is not due to frivolous purchasing but an impending divorce & after months of agonizing it is in MY best interest to continue with my intent of filing. Considering she has never known any financial hardship I will keep that in mind should she opt to pass judgement.

[drowning123]

Thank you for the info I needed. I will soon contact her & arrange a meeting to discuss this situation. This is not due to frivolous purchasing but an impending divorce & after months of agonizing it is in MY best interest to continue with my intent of filing. Considering she has never known any financial hardship I will keep that in mind should she opt to pass judgement.

Whatever you do, don't get into a fight with your sister. Play the sympathy card.

[despritfreya]

Considering she has never known any financial hardship. . .

That you know of. You might be surprised.

Des.

[sval]

Oh trust me she never has. She inherited an estate valued well over 1 million 7 years ago. She is in impecible financial form & has stated she has no idea how people get into financial messes. : ( Oh well....it is what it is.

[drowning123]

Your sister is one of those. I see. No wonder it's such a big deal for you to tell her about your intentions to file for BK. I can just see it now, "Sval, how did this happen? What did you waste your money on? You have nothing to show. Are you on drugs?" LOL. Oy! Good luck, Sval!

[sval]

Yep that's her to a T. !!If she were normal this wouldn't be an issue. Oh well--pass judgement on me if that'll make her feel better but none the less my decision is made.

[df04527]

Good for you sval. There is nothing worse, in my opinion, than a family member passing judgement in a negative fashion instead of giving you the support you need. Hold your head high and know what your doing is for you.

[drowning123]

You're doing what you know best to make a better life for yourself. You shouldn't care what anyone else thinks. As to the account, it's not like you and your sister are a couple, so I would think that a notarized letter from your sister should be sufficient to say the money is all hers and you are solely on the account in case of her death and she ain't dyin' anytime soon. :-) Think about it. If you had $11,000 lying around, why wouldn't you pay your bills?