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Home > Ask The Get Out of Debt Experts > Can My Creditors Take My Daughters Money From the Bank Account I Started for Her? – Beth

Can My Creditors Take My Daughters Money From the Bank Account I Started for Her? – Beth

Divorce, Loss of Custody, Bankruptcy, lots of bad decisions, job loss — you name it. I lost my job 2 years ago and racked up a fair amount of debt. I also gained back custody of my oldest the year before she started college (still think it’s a plot by my ex) and thankfully, with my financial situation and her excellent grades, she got a full scholarship to a wonderful school. In preparing her for college, I started a bank account for her— all her money — but as she’s under 18, it’s tied to my account.

Can my aggressive creditors take her money? I have one judgment — from 6 years ago, which already took $1700 from a previous bank account when I was unemployed — who has resurfaced 2 years later and is threatening to find my current bank account by going through my other creditors. They sent a fake subpoena (and yes, I work for law firm so I checked) to me showing that they had served my auto finance company with a request for production on my credit. I know I can’t run from this and eventually it may end in garnishing of my wages, but I just don’t want my child to be hurt by this. Thanks for your help!

Beth

This is your chance to be a hero and help out this person by providing your feedback and answer to the question in the comments section below.

Can My Creditors Take My Daughters Money From the Bank Account I Started for Her? - Beth by

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This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.
  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Beth,

    Please consider taking your name off of your daughters account and replacing with a trusted relative such as your mom or dad, brother or sister or even a trusted friend. If you have any of these people in your life who have stable finances and are willing to help in this way, it sounds like it would only be temporary since your daughter is approaching college age. In the alternative, your daughter can remove all but a few dollars from the account.

    The fake subpoena issue you described is an entirely different concern. What state do you live in? Who is the collection firm? Who was the original debt owed to and who was the plaintiff in the suit (I am wondering if it was a junk debt buyer)? How much is still owed on the judgment today (there would be interest accumulating)? What was the date the judgment was entered in the court record?

    I would like to give you some targeted feedback. If you can answer my questions in a comment reply you will get some tips and helpful feedback.

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