Legal Question in Bankruptcy in Connecticut

relative checking signator asset?

I am listed as a signer on my mother's and my aunt's (both in their 80s) checking accounts ''in case of emergency.'' This is not my money, but I have access to it if one of them gets sick, etc. Would their accounts be considered my assets in bankruptcy? If so, would simply going to the bank and removing my name do the trick?


Asked on 4/06/05, 12:03 pm

1 Answer from Attorneys
Joel M. Grafstein Grafstein & Arcaro, LLC

Re: relative checking signator asset?

Yes, under Connecticut law, because you can draw against this account, your creditors can attach these accounts and therefore, a Trustee would have the right to liquidate the accounts at the time that you file your bankruptcy. It would be better to have a power of attorney to manage their affairs if they become incapable.

Good Luck.

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Answered on 4/11/05, 10:16 pm


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