Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Since the trust was put into her kid's names, that asset is her kids, not hers, so wouldn't be on the schedules.
If there is any other asset she is inheriting, then that must be disclosed to the trustee for 6 months after the bankruptcy.
She can file an amended schedule A/B and send it to the trustee as well.
Let me know if there are any other questions.
Doesn't the bankruptcy law state that an individual must list all financial accounts and instruments held in the name of the debtor or for the debtor which were closed, sold, or otherwise transfered within 1 year immediately preceeding the commencement of this case. Like I stated, it was only 8 months when her name was removed and replaced with her kid when she file for Chapter 7.
Closed accounts and taking name off as a beneficiary are 2 different things.
Beneficiary interests are not really an asset, until it vests
so changing it prior to bankruptcy has no effect
so, i would not list that down, since it wasn't a 'transfer' or 'liquidation' of an asset
Now, there would be no harm in listing it either, but it would have no effect on the bankruptcy either way
Any further questions?
Well it indicates to me that this person is hiding their asset (inheritence) to avoid paying back creditors.
If she didn't inherit anything, then it's not an asset
if she does, she has a duty to report it to the trustee
if her kids inherit, that is not her asset either
since it was a revokable trust, that person can change their mind and reallocate however they want
Ok thanks for your time and have a great day.
sure. if you have any other questions, let me know
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thank you and good luck!
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