Legal Question in Bankruptcy in Alabama

I am filing for chapter 7 bankruptcy. My wife is not. 5 years ago, My wife had $20,000 transferred into a savings account in her name. 1 year later it was advised by our bank for her to open a money market account. When she did, both of our names were attached to that account. The money market account has a different account number from the original savings account. Will her money be safe if I file for a chapter 7?

Asked on 10/25/13, 3:56 am

2 Answers from Attorneys

Charles Andersen Charles Andersen, Atty

You need to consult with an Alabama attorney. You may have enough exemptions to cover it but I don't really know.

Read more
Answered on 10/25/13, 2:59 pm
Mari Morrison Mari Morrison

You will not have enough exemptions to cover it. You will need to show where the original $20,000 came from and have some documentation that you never signed for the money market account, furthermore, that the bank just put it in both names. If your name or signature is not on the document, that can be used to show the trustee. By the way, I am in Birmingham but a native of your zip code. Please let me know if I can be of assistance and call me. I would love to help if I can.

Read more
Answered on 10/27/13, 2:51 pm

Related Questions & Answers

More Bankruptcy Law questions and answers in Alabama