Macomb, MI asked in Bankruptcy for Michigan

Q: I will be filing for bankruptcy chapter 7 in a couple weeks. My mother had put my name on some stock after my father

passed away so it could be used for unpaid debts, funeral cost etc after she passes and doesn't have to go through probate. I have heard that my creditors will be able to take that stock money because my name is on it as a joint tenant. Should/can I get my name taken off the stock, or is there any other suggestions so they don't take my mother's money? Thank you.

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1 Lawyer Answer
Mr Scott Marshall Neuman
Mr Scott Marshall Neuman
  • Bankruptcy Lawyer
  • Okemos, MI
  • Licensed in Michigan

A: Do not take your name off the stocks. Removing your name may cause the trustee to act. Depending upon the amount you can use your wildcard exemption to protect the stocks.

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