Legal Question in Bankruptcy in Virginia
savings account in my mothers and my name
I have an inheritance held for me in a savings account that is in my and my mothers name. I cannot touch this money until my mother's death. Would bankruptcy take this money away from me, even though it still belongs to my mother?
Asked on 9/08/99, 10:35 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: savings account in my mothers and my name
It depends on how the account is titled. If it is Mom, POD (payable on death) to you, you are OK. If not, and held as JTWROS (joint tenants with right of survivorship), there is a pretty good likelihood that you will lose some or all of the money if you file bankruptcy. You should consult with an experienced bankruptcy lawyer ASAP.
Answered on 9/08/99, 11:11 pm
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