Legal Question in Bankruptcy in Minnesota

I have to file for bankruptcy but I'm holding a Certificate of Deposit worth about 12,500. Each of us 3 children have one of these in our name that belongs to our mother when she needs it down the road.I really don't want Mom to find out about my financial situation as she has already bailed me out once and she'll be sick with worry. What would you suggest? I don't own a house and have about 25,000 in credit card debt. HELP!


Asked on 2/26/10, 6:48 am

2 Answers from Attorneys
Nathan Hansen Nathan M. Hansen, Attorney at Law

There are exemptions under the bankruptcy code that can exempt all or part of this money depending on your circumstances. This is a very fact-specific question and I would have to look at the account itself and all of your other circumstances.

Call for a free consultation about this.

Nathan Hansen

651-704-9600

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Answered on 3/03/10, 7:51 am
David Kelly-952-544-6356 Kelly Law Office

There is case law in Minnesota that says for multiple owner accounts, the money belongs to the person who deposited it. This might or might not apply in your case. It would help if your mother's name was on the account as well as yours.

This response is for general information only and does not create an attorney-client relationship.

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Answered on 3/03/10, 9:23 am


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