Protect Your Liquid Assets And Take Your Name Off Your Family Accounts

First, let’s understand that if you are in default or have a personal guaranty, your liquid assets are available for the taking by the defaulted bank. Especially bank accounts, insurance policy cash values, and other subtle catches of liquidity.

The best advice is to move all your accounts out of the bank with which you are in default. However, there’s an area that is overlooked too often and catches defaulting borrowers more frequently than you would guess, and that is when banks empty joint accounts, sometimes for the borrower’s children, elderly parents, or any family member in need of such support and assistance.

Heartless, you say. How could they do that? Easy. This is not about doing good, it has no moral aspect, there is no judgment made, it is about collateral, default and collection. They do what they must. Likewise, we must defend as appropriate.

If you leave it available, it will be taken.