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Chapter 13 Question About Spouse's Account

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  • 04-10-2011, 10:15 AM
    wowie11
    Chapter 13 Question About Spouse's Account
    My question involves bankruptcy in the state of: California

    I am thinking about filing for Ch. 13 bankruptcy, but am concerned about a couple of things. First of all, my husband has money in his bank account (not joint) from stock he had liquidated; however, we do file our taxes jointly. He has ~$40,000 in his account from that sale.

    My second question is regarding my three kids' Certificate of Deposit which were opened by myself but are under the kids' name for the purpose of a college fund. My eldest has almost $30,000, 2nd child has about $15,000 and youngest ~$5,000.

    My Ch. 13 will include a credit card held at a different bank than my husband's for ~$3,000 and my 2nd mortgage for ~$79,000.

    Are any of those monies in danger for any reason from my possible Ch. 13 filing? Thanks in advance guys! Great forum!
  • 04-10-2011, 10:26 AM
    despritfreya
    Re: Chapter 13 Question About Spouse's Account
    Quote:

    Quoting wowie11
    View Post
    My husband has money in his bank account (not joint) from stock he had liquidated. . . He has ~$40,000 in his account from that sale.

    Unless the stock and/or $$ in the bank was acquired prior to your marriage it is community property and IS an asset of the bk estate. Even if it was acquired prior to marriage there may be an issue of commingling with community assets.

    Quote:

    Quoting wowie11
    View Post
    My three kids' Certificate of Deposit. . .were opened by myself but are under the kids' name for the purpose of a college fund. My eldest has almost $30,000, 2nd child has about $15,000 and youngest ~$5,000.

    Since the CDs are not qualified 529 college accounts (or are they) and the source of the $$ is from you, this is also an asset of the bk estate.

    Quote:

    Quoting wowie11
    View Post
    My Ch. 13 will include a credit card held at a different bank than my husband's for ~$3,000 and my 2nd mortgage for ~$79,000.

    Not sure what you are asking, however ALL debt incurred during your marriage (with the exception of the purchase of real estate and any personal guarantees of corporate debt, both of which require husband and wife to sign in order to bind the community) IS community debt and you are just as responsible as your husband and visa versa. All debt must be listed. General rule: Do not bank where you (or your husband) owe money.

    You have a lot of issues. You need legal counsel.

    Des.
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