I have a certificate of deposit that also has my son's name on it, so that he could get the money at my death. Now I have found out that he is going to file for bankruptcy. Is having his name on my account going to be affected if he files for bankruptcy? How can I remove his name from the CD now if it doesn't mature for thirteen more months?
If your son is a co-owner of the account, the CD funds should be considered part of his assets in bankruptcy. His bankruptcy attorney would be able to provide him more information on that issue, and whether the funds would have to be used to satisfy his obligations.
Your bank might be willing to allow you to close out the CD account early and reopen it to remove your son's ownership access to the funds. However, the bank is not obliged to do so, and could exact a penalty for permitting the change. Contact the bank for more information.
If the account is only in your name, but names your son as a beneficiary, so that he has no legal ownership until you die, the account isn't considered his property, and his bankruptcy should not affect it.
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If your son is a co-owner of the account, the CD funds should be considered part of his assets in bankruptcy. His bankruptcy attorney would be able to provide him more information on that issue, and whether the funds would have to be used to satisfy his obligations.