How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cortrightlaw Your Own Question
cortrightlaw
cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
63110502
Type Your Bankruptcy Law Question Here...
cortrightlaw is online now
A new question is answered every 9 seconds

do you have to pay back income taxes? Is my trust safe from bankrupcy ?

Customer Question

do you have to pay back income taxes? Is my trust safe from bankrupcy ?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 4 years ago.

cortrightlaw : On the taxes it depends on how old they are and if they were filed on time, currently we are writing off tax debt from 2008 and earlier. As to the trust if it is a revocable trust then it could be at risk.
JACUSTOMER-iwgddnjf- :

taxes go back to 05 to date . The are still being figured , some wxtensions were filed but sure they are expired. Yes the trust is revocable. These corps and trust was form in NV . Something was mentioned about a No charge Order. I was told the trust could not be touched. I have not put any thing in there yet, but only have things like pet horses. maybe our home ,

cortrightlaw : If the trust is revocable it I just as if you own it and any assets unit would need to be protected with bankruptcy exemptions.

Related Bankruptcy Law Questions