Joint Bank Account with Relative
January 24th, 2009 by Questions
I have a joint bank account with my brother. He and I added my name to his account as an accountholder so that I could administer his funds easily (he has left the country), but the money is entirely his. The account contains about $35,000.
If I file a consumer proposal, are his funds at risk? Do they appear on my credit report?
Posted from: Ontario
One Response to “Joint Bank Account with Relative”
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January 25, 2009 at 9:17 am, A licensed trustee said:
If you file a consumer proposal you aren’t required to surrender the things that you own (like money in a bank account) so you don’t have to worry about your trustee “taking it”.
BUT if you have any debts with the bank that has this account then the bank might seize the funds in this account if/when you file your proposal. I suggest you move the account to a bank that you are NOT indebted to, or change the name on the account to say that it is “in trust” for your brother.