Is This Legal,Because I have a judgement

[ulita]

A Family agree to open up a bank in there name. if it does not break any laws

[discouraged]

Ulita - Wait for the pro's to answer, but, if you are filing bankruptcy and they do that, it looks to the Trustee as if you are trying to hide money and raises a HUGE red flag. It could get your bk dismissed due to hiding assets. I would not take the chance if I were you.

Why don't you just keep your money out of the bank, making sure you keep track of everything you spend so it shows you are not hiding anything. I currently have mine hidden all over the house, in small amounts, and every time I spend any of it, I put the receipt in with the rest of the money (in the envelope), withdrawal slip, etc. That way if the trustee questions it, I have all the proof that it is all accounted for.

[AngelinaCat]

If your name is on any bank account for whatever reason--no matter who opens is--it becomes part of your BK Estate. We learned this the hard way. God-daughter added 'Hub's name to her account because we had gotten a bank check that was payable only to an account at this particular bank, otherwise we wait thirty days for the check to clear our CU.

We did not know that by doing that simple one-time thing, we became joint owners of the account with g-daughter, otherwise we would not have done it. She had to go and close the account to get 'Hub's name OFF of it.

When our attorney found out about this, we were treated to a spectacular display of PMS/pre-menstrual syndrome/and JUST PLAIN B**** dysfunctional hormones temper tantrum: "Why the h*** did you NOT disclose this bank account????"

US: "Because it isn't ours."
ATTY: "Your name is on it."
US: "It still is NOT our account."
ATTY: "Your money was in it."
US: "For this one-time transaction only. This account doesn't belong to either of us. G-daughter opened it, she has control over it."
ATTY: "You still should have disclosed it; your name IS on it."
US: "Ma'am, it is obvious you are having a bad day. We don't own this account, and we are going home. Good-bye."

And in talking to the people at the bank afterward, yes we did find that indeed, we were joint owners of that account, and the g-daughter had to close it to get 'Hub's name off it. At least this was true for us in Florida.

My recommendation: do not do this to yourself. Keep some emergency cash in the house, and do as Discouraged said, make envelopes for everything, and keep your receipts.

Good luck!

[ulita]

thanks i will do.