Will the bankruptcy affect my joint accounts? 3 Answers as of August 20, 2010

I have no assets but I have a joint account with my parents. This account has much more money than my debt. But I really do not have access to the account and my name is listed so that I can access it if something happens to my parents. Is this going to prevent me from filing for a chapter 7?

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Klinger Law Center
Klinger Law Center | Linda Klinger
It depends on what bank you are banking with and the amount of control you have over the account. Please feel free to contact us for a more specific response.
Answer Applies to: California
Replied: 8/20/2010
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
Be Careful! All joint accounts have to be listed as assets. Part of the job of the Trustee in bankruptcy is to find and liquidate assets for the benefit of your creditors. A bank account with your name on it and more money in it than all of your debt will be of great interest to the
Trustee. You will have to prove that you none of the money is your, that the money is never used to pay your bills, that you never sign any checks, etc. if you hope to keep the money in the account. I strongly urge you to consult with me before filing bankruptcy.
Answer Applies to: California
Replied: 8/19/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
This can impact your case. Seek legal advice.
Answer Applies to: California
Replied: 8/19/2010
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