Do I need to disclose a power of attorney account if I file bankruptcy? 13 Answers as of February 09, 2012

If you hold the power of attorney for your dad, the account is his and you cannot use it for your personal expenses. Therefore, you do not have to declare it as an asset in your bankruptcy.

You need to list every bank account that you are a signer. Also indicate that you are not a joint holder of the account, but a signer pursuant to a power of attorney.

Yes. Your name is on the account so you must list it.

If attorney and your name is not on the account, it is not yours and don't have to report it. But beware, if the trustee for some reason questions you about it and come to find out you have been putting your money in or taking money out for your personal use, there may be problems! Good luck!

It your name is not on the title at all, no.

Yes, there will be a schedule in your initial pleadings that will ask that question.

As long as the account is not titled to you in any way, it does not need to be listed among your assets on Schedule B. There is a question on the Statement of Financial Affairs which asks about property held for another. For that question, you could disclose the account and explain and that you are simply the Power of Attorney, the money is not yours, and you do not use it for your own purposes. The bankruptcy trustee will not interfere with this account and you will have disclosed everything you need to disclose with regard to this account.

I don't believe that you have to disclose any asset in which you have no rights. You are only an agent of your father.

You should disclose, but if you are not using the money for yourself, then trustee should not touch it.

It depends, I believe that the bankruptcy requires you to disclose any property you are holding for another person. A power of attorney however does not mean that you are in possession of property just that you could exorcize management. So, if the bank accounts are in your father's name only and you have power of attorney I don't believe this is a situation where it needs to be disclosed. However, if you were put on the accounts as well then I believe that this might be a situation where you are in possession of the asset and might need to disclose. You should really consult an attorney to inquire what you need to do based on your situation.