Does a joint checking account have to be closed if only person is filing bankruptcy?
A joint checking account does not “have” to be closed prior to filing bankruptcy. The fact that only one account holder is filing does not make any difference. If the account is closed just before filing bankruptcy, that could possibly create the appearance of trying to hide assets. However, the person filing bankruptcy simply has to be 100% honest about disclosing all assets and financial transactions in the bankruptcy schedules and to the trustee. For instance, one of the forms that make up the bankruptcy petition is the Statement of Financial Affairs, which includes a spot for listing closed financial accounts. So long as the person filing bankruptcy isn’t trying to hide assets, and discloses the closed account to the trustee, then there shouldn’t be any trouble.
