Posted on: 24th May, 2010 10:15 am
We are starting the short sale process. My 4 year old son received money for a college savings plan. It is in a regular savings account under his name, with me as joint owner. Will this money be counted as my savings when the lender looks at our assets? If I change it to a 529 will that make a difference?
Hi sajohnson!
Welcome to forums!
As your name is mentioned as the joint owner of the account, then the trustee may be able to take away the money from that account. However, I would suggest you to contact your bankruptcy attorney and take his opinion in this regard. He will be the best to guide you in a better way.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As your name is mentioned as the joint owner of the account, then the trustee may be able to take away the money from that account. However, I would suggest you to contact your bankruptcy attorney and take his opinion in this regard. He will be the best to guide you in a better way.
Feel free to ask if you've further queries.
Sussane