Legal Question in Bankruptcy in Michigan

I will be filling for bankruptcy chapter 7 in acouple weeks. My mother had put my name on some stock after my father passed away so it could be used for unpaid debts, funeral cost etc after she passes. Well now I find I hear that my creditors will be able to tske that stock money because my name is on it as a co-owner. Can I get my name taken off the stock, or my mother just cashes it out without any ramifications? Thank you.


Asked on 9/26/16, 2:35 am

1 Answer from Attorneys
Charles Schneider Charles Schneider, P.C.

She can liquidate her own stock. However, if this requires in any way that you sign anything or do anything to assist in accomplishing this it would be considered a fraudulent conveyance and she could be sued for receiving your one-half without adequate consideration. Depending on the value of the stock there may be other solutions. This needs the assistance of counsel to analyze the other solutions.

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Answered on 9/26/16, 7:25 am


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