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family bank accounts

In a CP or bankruptcy, one of my creditors would be a line of credit at a certain bank. However my teenaged son has a bank account and GIC`s in his name at the same bank . Can my creditor try and claim those funds? There is info on those accounts that has me listed as his parent.

Posted from: British Columbia

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One Response to “family bank accounts”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

This is really going to depend on how the bank has set the account up. If you are simply listed as parent and have no signing authority on these accounts then you shouldn’t have any problem, but if you are listed jointly on the account that is when problems will occur. What you need to do to be sure is contact the bank to verify how things have been set up.