Virginia Bankruptcy Lawyer
Q: I live in Virginia and am contemplating Chapter 7 bankruptcy, however, there is a joint savings account that my Mother set up in both our names. The money belongs to my mother, and she set up the account to avoid probate in the event she were to die. As far as I am concerned the money is entirely hers. She gets the statements and she pays the taxes on it. The debts are mine, and she has nothing to do with them. Is this account subject to the Bankruptcy proceeding? If so, what can I do to protect her assets from my debt?
A: Normally, such accounts are listed in the Statement of Financial Affairs as "assets held for another," and usually are not included as an asset of the estate. Speak with a Virginia bankruptcy attorney for more detail. My answer is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation.