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    vbritt's Avatar
    vbritt Posts: 1, Reputation: 1
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    #1

    Jul 3, 2010, 09:54 AM
    If my daughter's name is on my checking account and she files for bankruptcy, will th
    If my daughter's name is on my checking account and she files for bankruptcy, will they freeze my account and take money from it?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jul 3, 2010, 09:59 AM

    Yes, if it is a joint account. Even if she closes it there is a time within which it must be declared. You cannot transfer assets and then file in Bankruptcy - and this is how the Court would view this situation.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Jul 3, 2010, 10:23 AM

    Checking accounts are not frozen if you file bankruptcy,

    They are frozen if someone she owes money to, gets a judgement in court and wants to garnish her money.

    In a bankruptcy she will have to list all of her bank accounts and their balance, she is allowed only a certain amount of money in the bank when she files.
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #4

    Jul 3, 2010, 11:02 AM

    It's my understanding that your funds are not yours to spend once you file the Petition and list them. This includes joint accounts.

    If you DO spend the funds - or transfer them within a certain time frame - they are STILL available to the Court.

    If I am wrong - and I very well may be - please correct me.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Jul 3, 2010, 11:06 AM

    Funds up to a certain amount are exempt, so unless they go over the amount allowed, they are free to use and spend.
    The courts will review all of the bank records ( or can) to be sure there has been no large deposits and esp no large withdraws within a time before the filing.

    But a person filing bankruptcy has full use of their bank accounts as long as they are under the exempt amount.
    walt17's Avatar
    walt17 Posts: 335, Reputation: 28
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    #6

    Jul 3, 2010, 12:00 PM
    It depends on the type of account. If it is a joint account the above answers are correct. However, a persons name can be on a checking account without it being a joint account. The account owner is allowing them to sign checks, but the account and funds still belong to the account owner. IMO if you wish to have your daughter's name on your account, you should do it this way.

    In the event of her filing bankruptcy, you may have to appear in court, but you should be able to establish that it is your account and money.
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