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Bankruptcy Law/Bank account held in trust
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Question
We are filing pro se in California and my wife holds a bank account as trustee for our disabled son who receives SSI. The account was established when he was a minor and he has recently turned 18. The trustee arrangement is no longer necessary but we have not yet removed her from the account. How should this be disclosed?
Thanks in advance.
Jim
You should list this as an asset in Schedule B of your bankruptcy petition with specification that you only hold the account as trustee for the benefit of your son. If the account was set up correctly, with your wife as trustee or custodian for the account then the Uniform Transfers to Minors Act should apply and should protect the property from being considered the bank account of your wife. If you need further assistance you may contact me at http://www.socaladvocates.com
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Answers by Expert:
Norma Duenas - California Bankruptcy Attorney
Expertise
Norma Duenas is a California Bankruptcy Attorney representing clients in Chapter 7 and Chapter 13 consumer bankruptcy cases. Norma Duenas is the founding member of Southern California Law Advocates a consumer bankruptcy law firm. For further information you can visit us at: California Bankruptcy Attorney - Riverside, Los Angeles, & Orange County
Experience
Have filed over 350 consumer bankruptcy cases in Orange County, Los Angeles and Riverside. I have worked previously for Macey and Aleman, the largest consumer bankruptcy firm in the country. Currently I am the owner of Southern California Law Advocates, a bankruptcy law firm with offices in Orange County, Los Angeles and Riverside. Law offices is focused on consumer Chapter 13 and Chapter 7 bankruptcy.
Organizations
California Bar Association
American Bar Association
Riverside Bankruptcy Attorney
Education/Credentials
University of California, Irvine, BA in Criminology, Law and Society
California State University, Los Angeles MS in Criminal Justice
University of San Diego, Law School, JD Cum Laude
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