joint accounts and bankruptcy

March 8th, 2008 by Questions

If bankruptcy is an option for me and I have a joint account with my mother will that affect her in any way especially if my account is severely over drawn

Questions

One Response to “joint accounts and bankruptcy”


March 10, 2008 at 6:42 am, Barton Goth GCO Bankruptcy Trustees said:

Whenever you have any debt that is joint, whether that is an overdrawn bank account or an oustanding loan, when you file bankruptcy you will be removed from this debt (i.e. you will no longer be able/responsible for payment towards it) and the party that it is held with (in this instance your mother) will be fully responsible for the debt.

This doesn’t mean you aren’t eligible to fle a bankruptcy simply you need to discuss the ramifications with a local trustee.

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