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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am on my fathers checking account and I may have to file

Customer Question

I am on my fathers checking account and I may have to file bankruptcy, will creditors try and take money out of his account?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 2 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

Does all the money in that account belong to your father?

Customer :

yes, I just sign checks for him and do his shopping

cfortunato :

Then that account is a "convenience" account, and your creditors cannot take any of the money in that account if your file a Bankruptcy.

Customer :

I have my own checking account and I will lose my SS disability after july

cfortunato :

However, you may have to prove that all the money in that account was put there by your father.

Customer :

I don't remember if the back put me as first on the account and him second but it is all his money

cfortunato :

Well, it doesn't matter whose name is first. What matters is whose money is in the account.

Customer :

not disability..survivor benefits...my son will still get his portion till he is eighteen. So I just have to prove that the money in Dads account is his and everything should be fine

cfortunato :

That is correct.

Customer :

he was worried that if I filed I would have to take my name off the account.

Customer :

since my son will get his survivor benefits, should have that money put on a pre-paid debit card until after the bankruptcy so the creditors wont take his money?

cfortunato :

Your creditors cannot take your son's survivor benefits money to pay your creditors.

cfortunato :

It is not necessary to purchase pre-paid debit cards.

Customer :

ok, so I dont have to do the prepay card..will I have to prove his money for his own as well?

cfortunato :

Is your name on his account also?

Customer :

it has both names since he is still a minor...it says for James but has my name also

cfortunato :

Does the account say your name "in trust for" your son?

Customer :

I believe so

cfortunato :

If the account has your name "in trust for" your son, then you don't have to prove anything.

Customer :

I was thinking of closing the checking account and there is a bank/credit union here that allows 16 years to have a student account..I was going to have him open one of those

cfortunato :

If the account just says your name and your son's name, then you should be ready to prove all the money in that account belongs to your son.

cfortunato :

That sounds like a good idea.

Customer :

great minds think alike lol. I hate to file..but can't think of anything else to do...I stay with my father to take care of him and He pays me alittle to do that but nothing like a job would do. and $12,000 in credit cards I have to do something

cfortunato :

You should not feel bad about filing. It is not your fault you cannot pay your bills.

cfortunato :

I think this is what you wanted to know. If not, please let me know.
Thank you.

Customer :

no but I was doing so well..had plans for getting a job, but was more or less elected to take care of father, I am the youngest and since my husband passed it was assumed I would be the best. I didn't mind, but the closer it gets to July the more tense I get about the money situation..and I am not letting him pay my bills!.

cfortunato :

You can still get a job later. But this way, you won't have to worry about paying those bills - which will keep increasing because of the added interest.

cfortunato :

Before you leave, please don't forget to hit the "ACCEPT" button.

cfortunato :

Thank you.

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