Legal Question in Bankruptcy in Arizona

Will they take my money?

I am 19,000 dollars in debt to a 3 different credit card agencies. I am 19 years old and can't live at home if I dont go to school. I have a daughter to look after and can't pay rent/ I have no way of paying these bills. my parents put 10000 in an Openheimer fund when I was 1 for college. it now is at 38000. My parents do not know about this debt Im in. The account is in my name and my mothers name. Do I have to claim it? If i don't will they find out about it. I can't take the money out, only my mom can. What will happen if i file bankruptcy. Please jelp


Asked on 11/21/00, 6:24 pm

1 Answer from Attorneys
Keith Knochel Law Offices of Keith Knochel

Re: Will they take my money?

First, you must disclose any and all assets in a bankruptcy. This means that if your name is on the account; you must list it in the petition. Second, your mother would also be listed as co-owner of the account and therefore, she may receive notification. You need to refer to the state's exemptions to determine whether the fund can be taken through this proceeding.

Read more
Answered on 11/30/00, 2:11 pm


Related Questions & Answers

More Bankruptcy Law questions and answers in Arizona