What to do and what not to do

[honestwoman]

What is the name of your state (only U.S. law)? FL

Good day,

Long ago, my husband opened a checking account with a bank. After few months, I was also added to that account. The cheque book contains both our names printed on it. We can deposit any cheque, issued on my name or my husband name or both, into that account. Recently, I am sued in a civil litigation. Due to several reasons, I am also thinking of filing bankruptcy in the next few months. I have a couple of questions.

(1). If I lost the case, can the OC garnish all the money from that bank account or part of it (if so, which part)? If I file bankruptcy, can the bankruptcy court garnish all the money from that bank account or part of it (if so, which part)?

(2). Now if I open (along with my husband) a new bank account using tenancy by entirety (TBE) and deposit all my (and my husband’s) future earnings into that account, will it be violation of any rule (violation means: will it create any problem) if I lost the case or if I declare bankruptcy?

(3). Our home needs some repairs such as roof, countertops, etc. I wish to spend some money from our existing bank account (or from the planned TBE bank account) to fix the house. Will it be a violation of any rule if I lost the case or if I declare bankruptcy?

(4). My son is joining college and needs a car. If we buy a reasonable car for him using the funds from our bank accounts, will it be violation of any rule if I lost the case or if I declare bankruptcy?

(5). My husband recently visited another country, where he has extended family, to get medical treatment. Can we write a cheque to the doctor l in that country? If so, will it be violation of any rule if I lost the case or if I declare bankruptcy?

(6). My parents live in another country. If I write a cheque to my parents, will it be violation of any rule if I lost the case or if I declare bankruptcy?

(7). I was contributing to IRA until 3 years ago. If I restart contributing to IRA now, will it be violation of any rule if I lost the case or if I declare bankruptcy?

I do not want to create further complications for myself (from OC or bankruptcy court) by any of my future actions.

 

[LdiJ]

What is the name of your state (only U.S. law)? FL

Good day,

Long ago, my husband opened a checking account with a bank. After few months, I was also added to that account. The cheque book contains both our names printed on it. We can deposit any cheque, issued on my name or my husband name or both, into that account. Recently, I am sued in a civil litigation. Due to several reasons, I am also thinking of filing bankruptcy in the next few months. I have a couple of questions.

(1). If I lost the case, can the OC garnish all the money from that bank account or part of it (if so, which part)? If I file bankruptcy, can the bankruptcy court garnish all the money from that bank account or part of it (if so, which part)?

(2). Now if I open (along with my husband) a new bank account using tenancy by entirety (TBE) and deposit all my (and my husband’s) future earnings into that account, will it be violation of any rule (violation means: will it create any problem) if I lost the case or if I declare bankruptcy?

(3). Our home needs some repairs such as roof, countertops, etc. I wish to spend some money from our existing bank account (or from the planned TBE bank account) to fix the house. Will it be a violation of any rule if I lost the case or if I declare bankruptcy?

(4). My son is joining college and needs a car. If we buy a reasonable car for him using the funds from our bank accounts, will it be violation of any rule if I lost the case or if I declare bankruptcy?

(5). My husband recently visited another country, where he has extended family, to get medical treatment. Can we write a cheque to the doctor l in that country? If so, will it be violation of any rule if I lost the case or if I declare bankruptcy?

(6). My parents live in another country. If I write a cheque to my parents, will it be violation of any rule if I lost the case or if I declare bankruptcy?

(7). I was contributing to IRA until 3 years ago. If I restart contributing to IRA now, will it be violation of any rule if I lost the case or if I declare bankruptcy?

I do not want to create further complications for myself (from OC or bankruptcy court) by any of my future actions.

Anybody with an order of garnishment can take ALL of the money in any bank account that has your name on it.

If your husband is not also going to be filing for bankruptcy, then your husband should separate his assets from yours, as much as is reasonably possible. You should not transfer any cars, real estate or anything like that out of your name, as that would be fraudulent. However your husband should have his own bank accounts for his own money. Your name should not be on his accounts.

You can pay any valid bills that you have without a problem, but you cannot send money out of the country (ie to your parents) without committing fraud.

Any repairs to your home that are not truly necessary should not be done. If your roof is leaking you should repair it. If its just getting old then you should not. Countertops are probably not truly needed. Increasing the value of your home going into bankruptcy is generally a bad idea anyway.

Buying your son a car could be problematic. You would have to put it into his name or it could be taken in the bankruptcy. However, gifting him that chunk of money could also be a problem for the trustee as well. If he truly needs a car, spend the least amount you can on it.

 

[honestwoman]

Many thanks for the informative response. I will move my garnishment questions to the respective sub-forum. Let me focus on bankruptcy alone here:

Once I file for BK, how far the trustee goes back for money transfers (from my bank account to my husband or someone's accounts). For example, if I file for BK today and the trustee noticed that I transferred money a year ago then will it be an issue.

Will sending money out of the country for my husband’s medical treatment now be an issue even if I show the medical bills from that country: my husband’s passport proves that he visited that country (I will not send money to my parents, as you advised).

Is it a better idea to get a house inspector’s report in advance to check what repairs are needed and what are not needed and follow his/her advice to fix the house? The house will not be taken away during BK because we are living in it for several years and I heard that there is a Florida law that protects the house.

Thanks for the advice on buying a car for my son: yes, I will buy a car on his name and buy a used one for a reasonable low price. How to determine the “least amount” Will it be reasonable to do not exceed the amount that I spent on buying a car for my elder child a few years ago when he was going to college?

It seems you overlooked my question on IRA contributions.

What will happen to the lawsuit once I file for BK?

 

[latigo]

PLEASE, honestwoman!

Before you become overwhelmed seeking the words praising the so-called "informative advice" you received above, I suggest you inquire of the author as to his professional qualifications. Because I can assure you that he has none nor knows any more about the United States Bankruptcy Code than you do. (Just ask him if he has ever read Title 11 of the United States Code.)

Your pre bankruptcy question are of a very complex nature and need to be addressed by an attorney specializing in practicing bankruptcy law. There are scads of them about and most won't charge you for the initial consultation.

Just don't be so naïve as to believe that the answers you seek will be supplied by strangers conveniently popping up on your laptop!

 

[Zigner]

PLEASE, honestwoman!

Before you become overwhelmed seeking the words praising the so-called "informative advice" you received above, I suggest you inquire of the author as to his professional qualifications. Because I can assure you that he has none nor knows any more about the United States Bankruptcy Code than you do. (Just ask him if he has ever read Title 11 of the United States Code.)

Your pre bankruptcy question are of a very complex nature and need to be addressed by an attorney specializing in practicing bankruptcy law. There are scads of them about and most won't charge you for the initial consultation.

Just don't be so naïve as to believe that the answers you seek will be supplied by strangers conveniently popping up on your laptop!

I noticed that you went to great effort to malign another user of this forum against whom you seem to have some sort of vendetta...but you didn't actually say she was wrong

 

[Proserpina]

I noticed that you went to great effort to malign another user of this forum against whom you seem to have some sort of vendetta...but you didn't actually say she was wrong

You know what's funny though, Zig? Take 5 seniors, and have them give the exact same response to the exact same question. Spread it out over the space of a few weeks and then see how latigo responds to each. Try it sometime. We have.