Joint Bank Accounts
September 26th, 2011 by Questions
I am on pension income only and they are deposited into a joint account I have with my daughter – from where my bills are paid. She does not deposit into this account or use it for her own affairs – she just administers it for me. I know my creditors can not take my pensions but the joint account is with a credit union I owe money to on line of credit (on another account I have with them that she is not joint account holder) Are they able to take the money out of this joint account?
Posted from: British Columbia
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September 26, 2011 at 11:17 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Yes, the Credit Union or any of your other creditors could seize any monies within it to repay your debts regardless of the joint nature of the account. There are situations where they may only be able to seize 50% of the joint account, but because all the money deposited into the account is directly related to you, likely the full balance on any given day could be seized.
Now the Credit Union can do this easier than the other institutions due to their set-off privileges (meaning that because they hold the account and you owe them money at any point that you are in default they can set-off the money owed with any funds in your account). The difference between them and your other creditors is that Credit Union can seize at any time without any notice, but all your other creditors would have to do it through the court system.