Legal Question in Bankruptcy in Illinois
Children's Property
Dear Sir,
When filing bankruptcy chapter 7, am I required to disclose the Custodian Accounts of my children. To my knowledge, I donot have any legal rights on the custodian accounts of my children (and these are not accounts that are opened in the last few months for transferring money). So, when listing all my assets, do I need to or need not mention the CUSTODIAN accounts of my MINOR CHILDREN, may be it is stocks, bank account or education funds.
thank
1 Answer from Attorneys
Re: Children's Property
It depends on who funded the accounts and when. There are questions on the finacial statements to be filed with the bankruptcy petition regarding gifts, I think over the two years prior to the bankruptcy. You payments to the accounts are in fact gifts, and will have to be disclosed if they were made during the time indicated.
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