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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I am in the process of filing for bankruptcy after losing my

Resolved Question:

I am in the process of filing for bankruptcy after losing my job. I have had one visit with my attorney to get things started, with the next visit scheduled in a couple of days. While filling out the required forms, I see that they ask under "assets" whether there exist any bank accounts or CDs that belong to another person but have my name on them. The last time I visited my parents, who have lived 1000 miles from me for the last 25 years, my mother told me that they have put my name on either some CDs or accounts, I can't remember which. I have no idea where this money is; I didn't ask since it's not mine and I'm not to have it to have it until they both die, at which time I'll find the paperwork on it with their attorney and I'll then have access to it. I guess my question is whether I need to report this when I don't even know where it is? Could my creditors find and take their money and send me to jail? Should I call and tell them to get my name off the accounts/CDs? I am frantic in fear that they will be robbed to pay my debts! HELP! (It's after 1 a.m. If I have to sign off before I get your answer never fear, I will pay you for your answer in the morning) Thanks.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Unfortunately if your name is XXXXX XXXXX accounts as a co-owner, the bankruptcy court can take the money.

However, if your name is XXXXX XXXXX account as a beneficiary payable on the death of your parents, the court would not take the funds.

You will want to ascertain the amount of money in the accounts and the way the accounts are titled prior to filing.

I hope that the information which I provided was helpful to you. However, if I have not fully answered your question, please post me back on this thread with a clarification.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,

Ellen and other Bankruptcy Law Specialists are ready to help you

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