Our children have a savings account, I am the custodian on the account. Is the account safe in bankruptcy? We try to contribute when we can, but most the money is from when they did modeling jobs, gifts etc.
-
-
Research this forum on this subject - lots of posts regarding this. A custodial account is considered an asset because you have access to those funds (under your name for the benefit of....). As always, go over all this with your attorney when/if you plan to file._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket" -
When my bank account got hit by a creditor for about $500, I immediately closed all of my kids accounts (I was custodian on them and they were at a different bank.) That was about 13 months before I filed. I just kept the kids' savings in envelopes at home. Each account had less that $200, so it was not big money BUT I knew with my name on the accounts, that money was open season for any creditors willing to put a little time into researching my assets. I could not imagine having to explain to my kids that their money got taken because mommy owed money on one of their sibling's hospital bills!Filed Ch 7 Pro Se 11-18-2010
341 Meeting 12-16-2010 Discharged 2-15-2011
New Job 7-2011
Comment
-
Hi StEt,
I would work under the "better safe than sorry" rule...get the $$ under some sort of protection from the BK. Exemption, something,...
Tom in ColoCh7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010Comment
Comment