Joint accounts are no longer safe from creditors. However, the threshold for garnishing such
accounts is high. The creditors have to prove
to the court probable cause that much of the funds in the account belongs to
the debtor. That level of burden of
proof makes it difficult to get such an order.
That being said, there is precedent now.
A determined creditor has this option.
If the amount is large enough, it would make sense to allocate resources
and time for a deeper process of discovery.
These are my thoughts on business development and management issues. I worked for years as a consultant and in various positions in the logistics and maritime industry. We have handled projects from training and development to corporate imaging and branding.
10 March, 2021
Joint Accounts are No Longer Proofed against Creditors
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