3 Days till we File --- Federal Question

[Fallonedward]

We are filing this Thursday and are using Federal vs State. On the day of filing will probably have the following cash on hand in my checking account.

$600 in checking
$300 in each of my kids accounts (because they are minors, I'm listed)
$3800 in my Mothers savings account (I'm on the signature card, signed when I was 18)


Will I have to list all of these and the most import question is will my moms money be safe? I have never made a deposit or withdrawal to these accounts in the last 28 years.

I'm now worried they will take my moms money???? Help

[backtoschool]

You will have to list everything. There is an area where you list accounts that you are holding but don't own. That is where you will list your children's accounts. As for your mother's account if it is a joint account it may be an issue, if you are just a custodial signer you list it with the other accounts. If you are a joint owner of your mother's account you will need to exempt half the funds in the account as a cash exemption.

[tobee43]

We are filing this Thursday and are using Federal vs State. On the day of filing will probably have the following cash on hand in my checking account.

$600 in checking
$300 in each of my kids accounts (because they are minors, I'm listed)
$3800 in my Mothers savings account (I'm on the signature card, signed when I was 18)


Will I have to list all of these and the most import question is will my moms money be safe? I have never made a deposit or withdrawal to these accounts in the last 28 years.

I'm now worried they will take my moms money???? Help

you should be just fine listing the children s' accounts..as suggested by B2S i would most certainly see if you are actually a co-owner with your mom's account or if you are just an authorized user on that account. as pointed out, if you are a co-owner it could present some issues for you.

best of luck!

[cantbreathe]

Fallenedward, Our atty (not the one we hired, but the one we got) absolutely assured us that our balances in our accts (all listed on statements and on our paperwork for them) were fine and would be completely covered with exemptions. (We believed him) We asked specifically during our initial visit and were told "It Won't be a problem" and asked again before signing where they were listed as exempted as 11 USC 522(d)(5) we were told , "Oh, it will be fine. No worries" "This will be a simple case" (We believed him), seen this time for 10 minutes by the one we were referred to and hired but not the one that showed up at the 341) which is when we got our copies of the petitions they filed on a different day they told us they would..Well...anyway.... the Trustee of course DID file an objection to our exemptions listing the bank accts and we have been sending multiple copies of these bank statements back and forth for weeks. We had been instructed by our atty to close 2 of the accounts and open new ones and from them I paid bills with Money Orders and kept cash for spending (keeping all of our receipts of course) . On filing day we had less than $500 in the combined accts including a joint acct with a minor child. (The CU closed it out and sent me a check) I feel really bad for the paralegal who really seems to be trying to figure this out.
Sooooooo, sorry to rant, I hope you get some opinions from some of the wonderful folks on here and get some good suggestions. If I had it to do over again, I would have as close to zero in our accounts as possible. I would have started living on Money Orders and cash MONTHS in advance.
Just Please, be absolutely certain that they check and check and double check that these funds are protected IF you indeed have the exemptions to protect them. I would call them TODAY. I would look at the petition closely and ask again, before signing them. I KNOW the stress of trying to protect ourselves with what little most of us have left and yet be completely honest when the fresh start is really all we want! Best wishes. This forum has been my saving grace.

[Fallonedward]

This is my big worry... My attorney tells me not to worry and I worry that something just like this will happen. If my moms money is touched I will be disowned. She will not give me any info on any of her accounts that I signed when I was 18 in case she died and with no help from her I don't know how to list something I don't know...so frustrating

Fallenedward, Our atty (not the one we hired, but the one we got) absolutely assured us that our balances in our accts (all listed on statements and on our paperwork for them) were fine and would be completely covered with exemptions. (We believed him) We asked specifically during our initial visit and were told "It Won't be a problem" and asked again before signing where they were listed as exempted as 11 USC 522(d)(5) we were told , "Oh, it will be fine. No worries" "This will be a simple case" (We believed him), seen this time for 10 minutes by the one we were referred to and hired but not the one that showed up at the 341) which is when we got our copies of the petitions they filed on a different day they told us they would..Well...anyway.... the Trustee of course DID file an objection to our exemptions listing the bank accts and we have been sending multiple copies of these bank statements back and forth for weeks. We had been instructed by our atty to close 2 of the accounts and open new ones and from them I paid bills with Money Orders and kept cash for spending (keeping all of our receipts of course) . On filing day we had less than $500 in the combined accts including a joint acct with a minor child. (The CU closed it out and sent me a check) I feel really bad for the paralegal who really seems to be trying to figure this out.
Sooooooo, sorry to rant, I hope you get some opinions from some of the wonderful folks on here and get some good suggestions. If I had it to do over again, I would have as close to zero in our accounts as possible. I would have started living on Money Orders and cash MONTHS in advance.
Just Please, be absolutely certain that they check and check and double check that these funds are protected IF you indeed have the exemptions to protect them. I would call them TODAY. I would look at the petition closely and ask again, before signing them. I KNOW the stress of trying to protect ourselves with what little most of us have left and yet be completely honest when the fresh start is really all we want! Best wishes. This forum has been my saving grace.

[Fallonedward]

Tomorrow after work I am going to stop at each Bank that I think my mom has an account at. Do I just go into each Bank and say do you have an account with me on it and if so am I a custodial signer or a joint owner.

Do I go to the teller or customer service?

I hope this works, if not what do I do??? My mom said she is not telling me anything because she will not allow anyone to take her hard earned money....ugh I'm in a pickle

[freedomnow7]

FE, if you live in California, check your wildcard exemption. We could have up to 22k in cash and assets that could be exempted.

[tcreegan]

Hi Fallonedward,

Go to customer service....

Your attorney might not be worried b/c you aren't moving $$ into and out of these accts.

Good luck to you and congratulations on getting the ball rolling!

Tom in Colo

[backtoschool]

Tomorrow after work I am going to stop at each Bank that I think my mom has an account at. Do I just go into each Bank and say do you have an account with me on it and if so am I a custodial signer or a joint owner.

Do I go to the teller or customer service?

I hope this works, if not what do I do??? My mom said she is not telling me anything because she will not allow anyone to take her hard earned money....ugh I'm in a pickle

Wait in line for a customer service rep. (the ones sitting at the desks, not the tellers who are standing behind the counter). Then ask if you are a joint owner of the account, or if you just have custodial rights to the account. The rep should be able to look up the account (once you have proven your identity, etc...) and tell you if the account is jointly yours.

[Fallonedward]

I figure I will have to stop at about 20 banks today on my way home from work. I hope I am able to find out where I am a signor on her accounts since she is not helping me..ugh....

thanks BTS

Wait in line for a customer service rep. (the ones sitting at the desks, not the tellers who are standing behind the counter). Then ask if you are a joint owner of the account, or if you just have custodial rights to the account. The rep should be able to look up the account (once you have proven your identity, etc...) and tell you if the account is jointly yours.

[Fallonedward]

I'm not in CA, I'm in Michigan using Federal vs State....Do you know how much cash on hand I can have

FE, if you live in California, check your wildcard exemption. We could have up to 22k in cash and assets that could be exempted.

[geye]

Fallen, unused homestead exemption can be used to exempt cash. It's something like 10,500.
For us it was cash on hand on the last day of the 6-month lookback, not day of filing.

[Pandora]

I figure I will have to stop at about 20 banks today on my way home from work. I hope I am able to find out where I am a signor on her accounts since she is not helping me..ugh....

thanks BTS

20 banks? Does your mom have 20 separate accounts with 20 separate banks? *puzzled* If its only one account, then just go to the branch where the account was opened, no need to go to all branches, they're all linked

[backtoschool]

I'm not in CA, I'm in Michigan using Federal vs State....Do you know how much cash on hand I can have

I filed in Michigan with federal exemptions. You can use 10,500 of your unused homestead exemption as a wild card.

[Fallonedward]

Yes, I have only hit 10 banks and now have to take a full day off work tomorrow to hit the rest prior to our filing with our attorney. My mother lived thru the depression so she keeps $500 here $600 there $1000 yet at another bank....Holy crap it was a nightmare thus far all because mommie dearest would not help me and tell me what bank(s) she has money at that she had me sign on to at age 18 many moons ago.