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Can Creditors Seize Money From My Child's Bank Account?

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Cinnastixx

Junior Member
What is the name of your state (only U.S. law)? NY

My mother just recently cashed in a bunch of change she'd been saving for YEARS to start a college fund for my son. She plans on making monthly deposits in it for him, and thought it would be a good idea, since I am his mother and guardian, to set this up in my name until he is 18 and able to access it. I am currently unemployed, and owe a few creditors. My concern is this: If they see my name as the guardian of this account, and see the monthly deposits, they may assume I have the money to pay them. Are they allowed to come after this account if they obtain a judgement?

Many thanks in advance.What is the name of your state (only U.S. law)?
 


Antigone*

Senior Member
What is the name of your state (only U.S. law)? NY

My mother just recently cashed in a bunch of change she'd been saving for YEARS to start a college fund for my son. She plans on making monthly deposits in it for him, and thought it would be a good idea, since I am his mother and guardian, to set this up in my name until he is 18 and able to access it. I am currently unemployed, and owe a few creditors. My concern is this: If they see my name as the guardian of this account, and see the monthly deposits, they may assume I have the money to pay them. Are they allowed to come after this account if they obtain a judgement?

Many thanks in advance.What is the name of your state (only U.S. law)?
It is a very strong possibility that can happen. It would be a much better idea to keep you completely away from that money. This way your son does not have to worry about you or your creditors taking money that rightly belongs to him.
 

Cinnastixx

Junior Member
It is a very strong possibility that can happen. It would be a much better idea to keep you completely away from that money. This way your son does not have to worry about you or your creditors taking money that rightly belongs to him.
It wouldn't be "me" he'd have to worry about, but thank you for your advice..I think.
 

CourtClerk

Senior Member
It wouldn't be "me" he'd have to worry about, but thank you for your advice..I think.
If you owe money to people, and your name is on HIS bank account, then yes, it IS you he has to worry about because without YOU, the creditors would have absolutely no reason to bother HIM.
 

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