Can a lien or judgment be attached to a custodial account or seized during the bankruptcy process?
A common scenario here might be where there is a parent or guardian who is custodian of a minor's account. The minor is the owner of the funds, not the custodian. If the custodian files for bankruptcy, this account is not their asset. If they are otherwise sued or subject to a judgment, it is still not their asset and can't be touched.
If there is a lien or judgment against the minor, this is his/her asset and it may be subject to the action. Bankruptcy, which is separate from the lien or judgment, by the minor may again open this asset to the trustee or creditors.
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A common scenario here might be where there is a parent or guardian who is custodian of a minor's account. The minor is the owner of the funds, not the custodian. If the custodian files for bankruptcy, this account is not their asset. If they are otherwise sued or subject to a judgment, it is still not their asset and can't be touched.
If there is a lien or judgment against the minor, this is his/her asset and it may be subject to the action. Bankruptcy, which is separate from the lien or judgment, by the minor may again open this asset to the trustee or creditors.
