Preparing to file..please help!!

[dhamilton30]

Hey all--

I have a couple questions. First, I have not had my own bank account in some time..at least 3 years because of fear of froze bank accounts and I also had overdraft fees that went to collection from HSBC. My mom opened an account about a 1 - 1/2 years ago for me to use. She doesn't use the account at all. My pay check is direct deposited in, I used the debit card (but don't use checks). Is this a problem when filing bankruptcy? Should I list the account, even though my name is not on it? If so, where would I put it? Thanks for the help...hoping to file Chapter 7 in the next day or so and would really appreciate the input.

Thanks!!

[free2breathe]

This would go where it asks if you have property that belongs to you but is being held by another person. I'm thinking that on schedule B, line 35. I am just quickly scanning the forms to see where it would go.

Some might say that you wouldn't have to list it, as it's not in your name, but because your direct deposit is credited to the account, you really should list it (in my humble opinion anyway)

[dhamilton30]

I thought I should disclose it as well. Am i correct in thinking that the Trustee will be angry if it looks like I'm hiding something rather than just listing it and having them ask for further details? How would I describe it on the form?

[df04527]

Almost identical situation -- Attny listed it and added there was never any co-mingling of funds.

[dhamilton30]

where did he list it?

[df04527]

let me look.....

ya know now that I'm looking (at all 48+ pages) I don't know where it is........... hmmm. I see the account is listed on Sched C as exempt but I really don't see mention of it anywhere else. Great - now do I need to worry? ugh -- Made an assumption I guess I shouldn't have .... arghh

[LynnD]

I would, absolutely, list it! I think leaving it off would be a huge mistake. I'd be prepared to just explain to the trustee that it is your money that goes into the account and you use it. I'm sure trustees hear stories all over the place. In this case, you aren't trying to explain why you HID something, you are disclosing it fully. Perhaps have something from your employer showing that is the account the money goes in to.

[free2breathe]

I think I would list the account number (redacted, last four digits) on line 35 on schedule B. Then a short explanation "Account in mother's name where my pay is direct deposited." As LynnD suggests, the trustee may ask about it, and all you would have to do is give him a short explanation there. As long as you are disclosing it, I would think it wouldn't be a problem. You will have copies of the bank statement, your pay stub, and they can match the deposit amounts for verification.

I haven't been able to find any info online about similar situations, so this is just "shooting off the cuff" so to speak.

[bkDude]

If it were me, and without knowing any other details, I would list it. If not listed, it is an easily traced paper trail to what MIGHT cause a lot of problems and could not only prevent a discharge but could reverse it for up to a year after discharge.
Reference to US BK code: Title 11 § 1328 (e)
[Copied/Pasted from law[dot]cornel[dot]edu site]
(e) On request of a party in interest before one year after a discharge under this section is granted, and after notice and a hearing, the court may revoke such discharge only if—
(1) such discharge was obtained by the debtor through fraud; and
(2) the requesting party did not know of such fraud until after such discharge was granted.

As you might be able to tell I did A LOT of research on the Federal and local BK laws before my filing so that I could sleep well :-)

BKDude in CO

[dhamilton30]

Thanks BKdude...I filed today and did list it in the papers. Right now I'm trying to figure out what might happen with my land contract that I have. I filed it on schedule G and did a statement of intentions to keep the "lease". Not sure if I should have claimed it as a homestead exemption. I'm comfortable with everything else I did. Just wish there was clear info on how land contracts are viewed and handled.