Free Case Evaluation

 
 
X Close
Miller & Miller Law, LLC
414-326-9231
608-260-7133
866-678-9352
Phone phone414-326-9231
phone608-260-7133
Toll Free phone 866-678-9352
Make a Payment
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today
You can also feel free to text us at 414-277-7742 to set up your FREE appointment with our attorneys today

My Children's Belongings in Bankruptcy

When filing bankruptcy the law requires the debtor to list all of his or her assets in the paperwork/Schedule B filed with the court. The instructions for completing Schedule B requires the debtor to list all personal property of the debtor of whatever kind.

We are frequently asked if the debtor(s) have to list the property that belongs to their children. It depends! If the property belongs to a minor child, you likely own the property that you purchased for the child, like clothing, bedroom furniture, wii even if you gave the item as a gift. If the minor child paid for an item with his/her own funds you would indicate that the car was paid for by the minor.

Money held in trust for yourchild is generally not property of the bankrutpcy estate. For example, a bank account set up under the Uniform Transfer to Minors Act (UTMA) naming you custodian is usually protected.

In general protecting assets belonging to a debtor's child is usually not a big concern. However, if you have an unusual situation it is best to discuss this with one of our attorneys prior to filing. Please give us a call with any questions or concerns.

No Comments

Leave a comment
Comment Information

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

Email Us For A Response

Free Case Evaluation

* indicates required field