Insane Situation with Bank

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Post  Tue, Aug 13 2019, 11:39 pm
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Post  Tue, Aug 13 2019, 11:43 pm
PM me. I know someone who may be able to help.
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Post  Tue, Aug 13 2019, 11:49 pm
I am so sorry. This sounds awful.

I would try and reach out to a bankruptcy lawyer to see if they can help.
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Post  Tue, Aug 13 2019, 11:58 pm
I am so sorry! Hug Thinking of you and praying it will turn out ok.
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Post  Wed, Aug 14 2019, 12:54 am
OP was it a custodial account or a joint account?

Were you and your mother properly served with notice of the hearing prior to the court issuing its order? Based on your post it sounds like you were not.

Please speak with a bankruptcy lawyer, but in the meantime, you can try to get a copy of the court file. In order for a creditor to get in front of a judge, the creditor needs to swear that the debtor (or whoever owns the account) was properly served with notice of the proceeding. If you review the court file, you'll be able to see what they told the court regarding how you were supposedly served with notice of a court proceeding.

Are you in NYC area? And if so, are you interested in lawyer recommendations?

I'm sorry, this is so stressful.

Eta. Want to clarify that a bankruptcy lawyer does not mean that your mom needs to file for bankruptcy, necessarily. But a lawyer who specializes in bankruptcy law will have experience representing debtors, possibly negotiating down claims, etc.
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Post  Wed, Aug 14 2019, 12:57 am
Was your mother ever served with a summons? And did she respond? There's legal procedures that need to occur before a judgment can be collected. Even if it was above board, it may be possible to vacate the judgment-- especially if your mom never responded. Firstly, you need to speak with a lawyer and see what your options are at what precedents have been set in similar debt cases in your local court. Then go from there.

If you can't get the judgment vacated, then unfortunately your 15K is gone. If you have any other shared assets, you should remove your name or transfer them to your sole ownership. You won't be liable for the rest of her debt, as long as you weren't on the card. But you will also be liable for overdraft fees and any other costs that arise from the account. It's probably best to take your name off the account ASAP (that will likely require your mom going into the bank with you) just as a measure of protection.

I hope everything works out OK for you and your mom. And the best guidance to to seek legal counsel. Don't look at bankruptcy for mom at this point yet.
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Post  Wed, Aug 14 2019, 1:01 am
Just to clarify, the bank released $200K in overdraft on an account that has been lying dormant, that has only $15K in it?
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Post  Wed, Aug 14 2019, 1:04 am
Thank you all so much for your posts!! I’m freaking out, and they are so comforting.

Amother Saddlebrown, I really appreciate your comments.

I don’t know what type of account it was - it was set up ages ago.

I didn’t even think of the necessity to be served papers regarding the court hearing. Such a good point! I don’t know if my mom was, but I most definitely was not. Question is if I needed to be served... I’d imagine that depends on the way the bank account was set up all those years ago.

I’m going to do some serious research on attorneys tomorrow. Sounds like a bankruptcy lawyer would be able to help me - I’m hoping that doesn’t mean I may need to declare bankruptcy... I feel super uneducated in the legal realm right now.
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Post  Wed, Aug 14 2019, 1:07 am
ellacoe wrote:
Just to clarify, the bank released $200K in overdraft on an account that has been lying dormant, that has only $15K in it?

Yes! It seems unbelievable to me as well. Sure hoping there’s some legal way to get this reversed because it makes no sense to me and is so, so upsetting.

And thank you Nicole81 for your post!! I feel so much less lost now, thanks to the wise and lawyerly imamoms here. I’m especially relieved that you think I won’t need to pay the debt off, being that I was not listed on the credit card.
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Post  Wed, Aug 14 2019, 3:22 am
Larry Klein is the best debtor/ creditor attorney I ever met. He's located in Orange County. He's seriously sharp.

Don't write off the 15 thousand yet because your account may have been titled as a guardianship account which you never changed. You are vague about how it is titled. This is easy to see by looking at a statement.

I don't see how you are responsible for your mom's debt beyond any monies in the account.

This isn't legal advice. Consult an attorney.
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Post  Wed, Aug 14 2019, 5:27 am
I have no advice, but I wanted to offer you a bunch of sincere hugs. I hope things get resolved quickly, with no harm to your credit. Hug Hug Hug
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