July 2nd, 2006 by Questions

I will be filing for bankruptcy in the next few months. That is probably a given.

My question is this. My mother died about six years ago. She took care of all of the household bills and the bank accounts etc. My father had never paid a bill or wrote a cheque in his life. They were both retired.

I was the trustee of my mother’s estate.
I closed their account and opened an account in his name with me or him able to sign cheques or take money out of the atm. He cannot read or write so this method was a necessity. Once a month i write a cheque to his new partner and they go halves on rent, food etc. This was ok, but now that i will go bankrupt, i don’t want my name on his account. I’m worried that somebody will be able to access his money, because of my problems. The only money that has gone into this account in the last six or seven years is all his pension money from the gov. or private.

My father and his new partner are much better at saving than i am. He now has about $11000 in his account. Luckily, i don’t think i have any dealings personally with this bank.

Should i open a new account in his name only and transfer all the money into a new account in the same bank or maybe split the money into two accounts in two different banks?

Thanks for your reply!


One Response to “JOINT BANK ACCOUNT”

, A licensed trustee said:

This doesn’t sound like something you need to worry too much about. If the account is in your father’s name (and you have signign authority) your trustee may want to review the account history to satisfy themselves that none of the money originated or is attributable to you, but it is unlikely your trustee will take any action against the account.

To be safe, review the account and its history with your trustee BEFORE you file and if you are still nervous, remove yourself as a signator of the account.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)