Can I protect my funds from levy if I moved my money over to my wife’s bank which does not have my name or my business name attached to it?

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Can I protect my funds from levy if I moved my money over to my wife’s bank which does not have my name or my business name attached to it?

Asked on December 3, 2011 under Bankruptcy Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

There's a practical answer and a legal answer:

Legally, if creditors (or the court) should become aware of this transfer, it would very likely (or almost certainly) be viewed as a fraudulent transfer, made specifically to defraud creditors; as such, the transfer could be reversed and they could reach the money. You are not allowed to hide money from creditors by changing the name on the account.

Practically, of course, creditors would need to find the money to take action. Of course also, your wife's account is probably the first place they'd look....


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