Central District Consumer Bankruptcy Attorney's Association

It sounds like the Debtor remembered this account after the case and Schedules were filed. That's too bad, but you still need to file an Amendment to list the account ASAP. I have these situations often, with clients on accounts of elderly parents or minor children, but the money does not belong to them; and it'a question which should always be asked during the interview of the client. I list the account not on Schedule B but in Section 14 of the Statement of Financial Affairs, with a detailed explanation as to who owns the money and that the Debtor is on title to the account solely as an accomodation. Be prepared to provide a Declaration of the sister with back-up documentation to establish that the money is all hers. In a worst case scenario, the sister might need to hire her own bankruptcy attorney to deal with the Trustee.
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
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facts: Debtor misremembers having joint account with non debtor filing sister. Account value $35,000 on date of filing. All funds can be traced to non debtor sister. Debtor was put on account just in case of emergency if had to access funds on behalf of sister.
What will Ch. 7 Trustee in Woodland Hills want to do with $35,000? Will it be divided equally between debtor and non debtor sister? Will it be allocated entirely to debtor? Can sister and debtor write declarations indicating that funds are exclusively sister with evidence of bank statements past 2 years demonstrating funds are exclusively from sister via deposits from her employer?
Thanx in advance for responses.
Lindsey B. Green, Esq.
Gumm & Green, LLP, Attorneys at Law
5743 Corsa Ave., Suite 111
Westlake Village, CA 91362
phone: 818 707 4233
fax: 818 707 4262
e-mail-Lindsey@gummandgreen.com

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