I just remembered that we have a savings account that is a restricted acct that was set up for my son last year. He was bitten by a dog (age 4) and we received a settlement from the owner of the dog's homeowners insurance. We are not allowed to touch that until he is 18 and when he does, we will turn it over to him. It's 10,000. I will definitely tell our attorney of this, but I don't have to worry about giving this up do I? Its not ours to begin with. We are only listed on the account because he is a minor. Thanks!
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i do believe a 529 is protected and this sounds like it would be along those lines. i would definitely run it by your atty. but i think you should be fine with it, always best to be absolutely certain!8/4/2008
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I agree that it shouldn't be an issue. The trustee steps into your shoes where your assets are concerned. Generally, if you can't legally use those assets to pay your creditors, either can the trustee.
Please post an update after you talk to your attorney so others can benefit from your experience.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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It sounds like this is a restricted custodial account. It is not your money therefore is not listed on Schedule B. HOWEVER, it is listed in the Statement of Financial Affairs under question 18, "Property Held For Another Person". If you have not properly listed the account talk to your attny about amending the SOFA.
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