Legal Question in Bankruptcy in Florida

Disposition of children`s savings bonds

Over a period of several years,we have been purchasing savings bonds for our grand children,as gifts.Some were purchased with the child as owner,mother as co-owner.Others were puchased with mother as owner,child as co-owner.The parents have recently declared bankruptcy,and were ordered to surrender the bonds.

An inquiry to the Treasury Dept.produced the following response: ''As long as there is proof that the parents did not purchase the bonds and were using the bonds registered in the names of their children to hide their assets, the bonds would not be subject to the parents bankruptcy.''

Do we any chance of reclaiming the bonds?


Asked on 4/04/02, 3:45 pm

1 Answer from Attorneys
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Disposition of children`s savings bonds

Yes, you do have a reasonable chance to prevail. However, you must determine what you mean by "reclaiming the bonds". It is the children's interests you seek to protect. Appropriate motions and/or an adversary action must be commenced. I urge you to consult with and retain competent counsel in your locale to represent the interests you desire to be protected.

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Answered on 4/04/02, 4:19 pm


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