Legal Question in Bankruptcy in California

Does child's bk affect mother's assets?

My client's daughter is filing BK and she is on her mother's bank accounts, IRA's, property trust deeds as co-beneficary. She may be on as trustee on some also. These were set up to avoid probate (albeit better methods exist) However the daughter has no history of using the accounts in any capacity.

Clarification: Daughter does not enjoy these assets at this time, in the past or untill Mom passes away.

Question: 1. Does daughter list mom's assets she is on title? 2. Can creditors attach or seek relief from mom's seperate assets.


Asked on 9/30/97, 11:39 pm

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Does Child's Bk affect

This is a bit too complex a question to give a simple answer too. The daughter must list all assets to which she has any interest, even if that interest is just a contingent, beneficial interest at this time. The current value of that interest may be zero. Creditors cannot attach anything in a bankruptcy; that is the whole purpose of filing. To the extent the daughter has sufficient exemptions to cover her assets, the Trustee will not liquidate them. You really need to have a more comprehensive consultation on this matter if you are still concerned. Please let me know if I can be of further assistance.

Read more
Answered on 10/01/97, 1:47 am


Related Questions & Answers

More Bankruptcy Law questions and answers in California