Parkville, MD asked in Banking and Bankruptcy for Maryland

Q: My dad is filing for bankruptcy and has his name on my bank account. What does this mean for the money that is mine?

The account was opened for me when I got my first job at fourteen and he never took his name off of the account. All of the money in there is mine but he says his lawyer told him it would look like he is hiding assets if I take the money out.

Related Topics:
1 Lawyer Answer
David Gormley
David Gormley
Answered
  • Bankruptcy Lawyer
  • Waldorf, MD
  • Licensed in Maryland

A: Your father will have to list this account as an asset in his case. The question is how can he protect this asset with exemptions he has to protect assets. If he is filing a Chapter 7 bankruptcy the Trustee can take the nonexempt assets to distribute among the creditors. If he transfers an the account to you before filing he has to report this transfer and he losses his ability to use his exemptions to protect at least some of the account.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.