We see many families with the need to file a Union Grove bankruptcy. A large percentage of these families consist of children. A common question and concern for families filing bankruptcy is, “Are my children’s assets protected when filing bankruptcy?” This is a great question. We have provided an in-depth answer to this frequently asked question below.
When filing a Union Grove bankruptcy, you are required to list your assets and the value of your assets. If you have children, you may be concerned about your children’s assets when filing bankruptcy. In the majority of bankruptcy cases, this is not an issue to worry about. However, there are always exceptions.
When it comes to assets belonging to your children, whether you need to list those assets in your bankruptcy petition depends on what the asset is, how it was paid for, and the age of your child/children. For instance, if your child/children are toddlers or minors, most of their assets belong to you, the guardian or parent. If your child/children paid for items with their own money, those items may not be considered your property. A good example is if your 17-year-old son or daughter bought an ATV with money they earned working a part-time or summer job. In this case, the ATV was not purchased with your money and therefore is not yours. There are gray areas when it comes to gifts from relatives. Be sure to speak with your Union Grove bankruptcy attorney regarding these assets.
If property has been bequeathed to your child/children, an issue may arise depending on the asset and the date the asset transfer occurred. For instance, if your child inherited something of value many years ago, this asset may be exempt. However, if you transferred assets into your child’s name right before filing bankruptcy, these assets many not be exempt. Remember, it is fraudulent to transfer assets to anyone before filing bankruptcy in an effort to hide said assets. Always be completely honest with your Union Grove bankruptcy attorney regarding your assets. Most assets can be protected through state and federal exemptions.
If you have concerns regarding monetary accounts held by your child/children, please speak directly with your Union Grove bankruptcy attorney. Your children’s trust funds and/or bank accounts can potentially be protected depending on the dates and the amounts of contributions as well as how long the accounts have been active. Again, it is unlawful to hide money right before filing bankruptcy by putting the money into an account in your child’s name.
Contact Our Union Grove Bankruptcy Attorney
If you have questions regarding your children’s assets during a bankruptcy case, please contact our Union Grove bankruptcy attorney. Our experienced bankruptcy attorney can provide a free, in-depth consultation to answer all of your bankruptcy questions. Our bankruptcy law offices are located in Salem, Delavan, Lake Geneva, and Muskego, Wisconsin. You can reach our Union Grove bankruptcy attorney by phone at 262-725-0175 or by email via our bankruptcy website’s contact page.
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*The content and material on this web page is for informational purposes only and does not constitute legal advice.