I'm having some serious cash crunch issues and was wondering if it is legal to have my brother hold my money in his account so that the creditors and student loan companies wouldn't be able to take it from me?
Legal? Well, when you give your funds to your brother, in an account owned by him, he will have control as he will have ownership. While it couldn't be speculated that you could have a problem getting your money back, or that it could be otherwise used in the interim, what if something happened to him? Those funds would belong to his joint accountowner, beneficiary of his account or his estate. Your name wouldn't be "on the money."
You might want to review this question and answer as well. If your assets are to be questioned for your qualifications of some type of aid, hiding your assets would not be proper.
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Legal? Well, when you give your funds to your brother, in an account owned by him, he will have control as he will have ownership. While it couldn't be speculated that you could have a problem getting your money back, or that it could be otherwise used in the interim, what if something happened to him? Those funds would belong to his joint accountowner, beneficiary of his account or his estate. Your name wouldn't be "on the money."