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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  Licensed to Practice Law
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If my wife files chapter 7 and has an account in her name that

Customer Question

If my wife files chapter 7 and has an account in her name that I funded, can I transfer said account back into my name prior to chapter 7 filing since I am in
Florida and said asset wouldn't count as 'hers'?

I am we'll aware of cases like this that were completely fraudulent, but it is a sexurities account that she opened in her name while I was fighting creditors... I was worris they would try and seize the account if it was in my name. I can prove the original monies added to the account came from my personal checking account that she was NOT listed on.

I think I might have screwed myself (this was almost four years ago), but a trustee will liquidate the account if I cannot prove it was mine. It was never in my name, I'm not even an authorized account holder, it's just her. Since we've been married, she has hardly made any money. Nothing close to what is in there.

Do I have any recourse short of transfering it now and waiting a while?

Don't worry if your answer isn't what I want to hear. :)
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for allowing me the opportunity to assist you.

I think that there's a reasonable chance that the funds can be protected. Your wife could either transfer the funds back to you, or list the funds in her schedules as property held for another person. In either circumstance, the Trustee will likely ask for details about the situation. Your wife can then explain that she merely held the funds for you and that she was never intended to be the owner of the funds.

Will it work? I can only guess. I've certainly filed cases where I was able to get a Trustee to abandon any claim to funds in a bank account when they belonged to another person, but in those cases, it was usually more obvious. For example, a parent whose name was on an account for a child, and who did not deposit any of the funds in the account. In your case, your name is XXXXX XXXXX on the account, and the reason you put the money in the account was to hide it from your own creditors. While technically I think that you should be able to get the money back, the Trustee may not like the circumstances of this situation, and may decide that you're both less than honest, and he may push hard for the funds. Ideally, if I were your wife, I'd give the funds back to you and try to hold off on BR for a couple of years.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated.

Thank you for using our service!
Customer: replied 1 year ago.
Thanks.

If the account were to be liquidated and used to pay off business debt of my own, would a trustee find issue with that? (Could I should say).

I realize people make up stories on here all the time, I love to read through the archives, but this is legitimate and I can prove the funds came from my account. Not filing for years isn't an option, we are about to lose a big breach of contract case and we need to have it discharged, otherwise, I wouldn't even be considering this.

Thanks
Expert:  TJ, Esq. replied 1 year ago.
Hi again.

If you were to take the funds and pay your own debt, then the Trustee could sue you for fraudulent transfer, and potentially win a judgment against you for the amount of the funds. Simply put, it wouldn't matter what you do with the funds ... if it's a fraudulent transfer, then he can go after you.

I wish that I had better news.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9760
Experience: Licensed to Practice Law
TJ, Esq. and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.
:) no worries.
Expert:  TJ, Esq. replied 1 year ago.
Hi again. Thank you for using our service, and I welcome you to direct future legal questions to me as the need arises. Thank you again!

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