I have my friend`s shares in my brokerage account.What can i do before filing BK?

April 25th, 2009 by Questions

I have a very serious financial problems and my biggest headache is my brokerage account. A few months ago I received money from my friend to buy shares that are kept in my account. From what I understand, if I file BK, all stocks will be seized by trustee… Well, instead of relieve, I will get a new huge debt, this time I will be owing money to my friend.Is there any possible way for me to transfer the brokerage account to his name, or it`s too late if I am planing to file soon?What can I possibly do in this situation as I need to keep the stock in order to not to get into a bigger problem? Thank you

Posted from: Ontario


One Response to “I have my friend`s shares in my brokerage account.What can i do before filing BK?”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

This is can be a difficult situation although there may be something that can be done, assuming you either have some direct written agreement with the friend or you can clearly show that you were given money from a friend, where the money went and how much those specific stocks are currently worth.

The best thing to do in a situation like this is discuss this over with a local trustee as they will be able to look at what you do and don’t have and advise you the best / least risky way to proceed.

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.)