Legal Question in Bankruptcy in Maryland
I are about to file bankruptcy and just received a small gift for my child. I want to open an UGMA account but want to make sure that this doesn't affect me in my bankruptcy suit. Is there a specific type of UGMA account I need to open? Is there a restriction on this account? Will it be linked to me or have an adverse impact on my case?
Asked on 5/03/10, 6:27 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
You need to keep the gift separate from your own funds and put it in a UGMA account. You will need to disclose it, but it should not be property of the bankruptcy estate. Make sure you discuss it with your bankruptcy lawyer before doing anything.
Answered on 5/08/10, 7:18 pm
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