My nephew asked me to open a checking account with him. We are filing next week. Should I wait until after we file to open it, I am safely assuming if we open it before it would cause a problem. This is all his money, none of mine, he just wants someone on the account with him. Any thoughts or advice would be appreciated.
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rooster it isn't a problem BUT if the acct is open and you are JOINT with nephew you have to list it as your asset and (at least in my state) you are 1/2 owner meaning you'd have to have room to EXEMPT the acct.
FIRST ask your ATTY!!!!
Second...just open it after filing that should be fine and but however!!!! just in case...be able to show that indeed this is ONLY nephews money.
I mean for nephew one more week shouldn't make a difference, right??? -
I would wait until after you file to make things easier.
Two of my sons and my daughter have accounts on which I am listed. When I filed on July 28th, we listed those accounts but stated (as is the case) that I have $0 interest in those accounts. That seems to have been okay with the trustee. I just think it's easier not to open a new account just before filing.Filed Chapter 7 noasset 7/28/2011 341 meeting 9/2/2011
objections to discharge due 10/31/11
Discharged 11/1/11
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BRdown is right - I had to do the same with son's account - even though the money he has in there is solely from his job - it was a few hundred - we were able to exempt but atty listed my interests as "$1" as it isn't mine BUT it had to be listed.Originally posted by BRDownAndOut View PostComment
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If I were you I would be a little bit careful about doing that right before you file. It could look like you are trying to hide money using his account. There are probably way to prove that is not the case but why open up the can of worms beforehand. Is your nephew under 18? Are neither of his parents able to be on the account. Guess I'm not wondering what the reasoning is for having you on the account.Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15
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Thanks everyone....I will wait until after filing, although it would be easy to prove that it is not my money, no sense in making things more complicated.
Mountanddo- Just to answer your question, the relationship with his parents is VERY strained, I have always been his "mother", he is over 18, but has been going through a lot of stuff and is just trying to get his life back on track! Thankfully, his life is straightening out, and this is just one of the things that he wants to do to ensure that he stays straightened out!Comment
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Don't do it before filing...
On another note, why does you Nephew you need you on the account anyway?Comment
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