Joint Investment Accounts

October 24th, 2012 by Questions

Hello,

I have approximately $170,000 in unsecured debts. Assets – I have $60,000 in home equity and I am on a joint investment account with my parent for $800,000.

I cannot afford the debt load and am not able to access the money from the investment account even though the parent is worth several million. A loan through the parent is not possible.

If I consider bankruptcy, would the court take money from the joint investment account which I cannot access without joint signing (which the parent is not willing to do)?

Thank you.

Posted from: Ontario

Questions

One Response to “Joint Investment Accounts”


October 24, 2012 at 1:13 pm, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There is a very good possibility that the joint investment account may be at risk if you file a bankruptcy. But it is impossible to tell with such limited information. What you would need to do is to contact a local trustee, bring them any related documentation that is associated with this investment account and they would be in a better position to help you determine this.

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