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05-29-2009, 07:39 AM
| | Junior Member | | Join Date: May 2009
Posts: 3
| | | Co-signing
What is the name of your state (only U.S. law)? AL
If an elderly parent has a child co-sign a nonretiremt bank cert of deposit acct, is this money liable to creditors in a bk filing, or is it protected?
Should the childs name be removed prior to filing? |
05-29-2009, 07:54 AM
| | Senior Member | | Join Date: Jun 2000 Location: Somnambulist University
Posts: 39,509
| | Quote:
Originally Posted by r89  If an elderly parent has a child co-sign a nonretiremt bank cert of deposit acct, is this money liable to creditors in a bk filing, or is it protected?
Should the childs name be removed prior to filing? | No RESPONSIBLE member of this forum is going to help the 'child' commit bankruptcy fraud by 'hiding or removing' as asset.
__________________
There are at least 17 lawsuits (!!) pending in various courts, including the US Supreme Court, asking if Obama is a natural born citizen (as req'd by Art II, Sec 1 of the US Constitution).
Why has he spent over $1.35M in legal fees to block disclosure... rather than spend $12 for a VALID birth cert to settle the matter? The 'certificate' he has presented doesn't qualify to get a drivers license, wouldn't allow a child to qualify for Little League, or for a real citizen to get a US passport!
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05-29-2009, 09:03 AM
| | Senior Member | | Join Date: May 2001
Posts: 6,450
| | | Inform your attorney of the situation. It may be a nonissue.
[url=http://www.bankruptcyorlando.com/2009/05/resulting-trust-theory-used-to-exclude-from-bankruptcy-assets-titled-in-debtors-name.html]Resulting Trust Theory Used To Exclude From Bankruptcy Assets Titled In Debtor's Name : Florida Bankruptcy Law[/url]
Or, you may have to file a Chapter 13.
Whatever you do, don't start making changes on jointly held property on the cusp of bk without legal advice. |
05-29-2009, 09:32 AM
| | Junior Member | | Join Date: May 2009
Posts: 3
| | | not trying to commit fraud (for those of you quick to judge). it is not my money, it is the parents money, it is more an inheritance issue. i am just trying to protect the parents money. |
05-29-2009, 09:59 AM
| | Junior Member | | Join Date: May 2009
Posts: 3
| | | would the child's co-signing on the CD, as a result of the parents request, be considered a 'resulting trust' and protected from creditors in bankruptcy?? since the intent is that the child does not have access to the money until the parent dies. |
05-29-2009, 10:12 AM
| | Senior Member | | Join Date: May 2001
Posts: 6,450
| | | You do not have a routine, "run of the mill no asset Chapter 7".
There are a lot of ways this can play out.
I'll say again, you really need to speak with a few bk lawyers. Most give free or lowcost initial consultations. | |
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