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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17217
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Going through Bankruptcy, have a trust that gives off too much

Resolved Question:

Going through Bankruptcy, have a trust that gives off too much income for us to qualify for Ch 7. It has been recommended that Trust give out X amount of $ to our kids, so they could provide us ( Gifts for 6 months so we could pay bills, rather than pay bills with funds from the Trust to me. Will this work, or will this be interpreted by bankruptcy judge as a dispursement to me?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati ON

WALLSTREETESQ :

Do the children live with you?

WALLSTREETESQ :

How old are the children?

Customer:

None of the kids live at home.

Customer:

32, 28, 27, 25

WALLSTREETESQ :

You could put the trust into the name sof the adult children and have them receive the income monthly, however, you should wait for atleast six months before you file yur bankruptcy as the Court will look back at all your income sources for the past 6 months to determine if you qualify for a chapter 7

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