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 Dylatess Your Own Question
Dylatess
Dylatess, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 5145
Experience:  36 plus years consumer law practice
29685164
Type Your Consumer Protection Law Question Here...
Dylatess is online now
A new question is answered every 9 seconds

we have a trust and we just filed bk how long do we have to

This answer was rated:

we have a trust and we just filed bk how long do we have to wait to put our property back into the trust
Hello and welcome to Just Answer. For over 32 years, I have answered questions just like yours. And I look forward to assisting you.

Assumuing that the equity in your home is protected by the bankruptcy exemptions, you did not need to transfer the property out of the trust before you filed BK. But now that you have, as soon as the BK trustee files what is known as a no asset report in which is states he is not claiming any interest in your real or personal property, at that time you can then transfer the property back into the trust.
Dylatess and 3 other Consumer Protection Law Specialists are ready to help you
Customer: replied 4 years ago.

how would you be able to find that out and how long does that usually take

After you have your court hearing, the trustee has 30 days to object to your exemptions or must file the no asset report. So you can call his office after the 30th day. Likewise, you will pretty much know if there is any problem at the hearing. that is if the trustee does not ask you any questions about the equity, and accepts what you stated in the petition, you are fine.
Dylatess and 3 other Consumer Protection Law Specialists are ready to help you