If I’m in the process of filing a Chapter 7, what is a joint account holder’s liability?
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If I’m in the process of filing a Chapter 7, what is a joint account holder’s liability?
My friend and I had a joint account and I wrote several check cashing loans on the account. Everything was signed by me; my friend knew nothing about them. He is not included in the bankruptcy. Is my friend liable for any of these loans when he didn’t sign or know nothing about them?
Asked on December 29, 2013 under Bankruptcy Law, Mississippi
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 10 years ago | Contributor
Your friends asset, specically, the joint checking account, is property of the bankrupycy estate, over which neither party has control. It is now the proerty of the trustee, as of the date of filing. I don't have enough info to fully answer the question.
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