Legal Question in Bankruptcy in Virginia

We are looking to file Chapter 7, I have 2 questions. If I a codsigner on my sons checking account that only includes money from his job and birthday money from relatives..can the trustee go after that money? It is with Wells Fargo and I heard that they will freeze or take that money? Secondly is your tax refund protected?? Do you have to use your homestead exemption or personal property exemption to protect it? We are in VA.

Asked on 8/27/13, 6:45 am

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

Wells may freeze that account, so better to move it, and ideally not put your name on the new account elsewhere, but disclose what you did in your petition. If it is truly his money, then in Va the trustee has no claim to it.

Tax refunds are like any other money, and if you are subject to Va exemptions, you have to use the so-called homestead for that.

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Answered on 8/29/13, 4:31 am

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