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Recent Spendthrift Trust questions
I am considering filing bankruptcy but I don't know if I qualify.
I am considering filing bankruptcy but I don't know if I qualify. I have a nonprofit foundation that I put my money into; I just held an event that recouped very little. All my credit cards have been used to pay for the event I held; I also have taken a loan and done a debt consolidation, all done in attempting to get my foundation through its first year of events. So the nonprofit and me are tied together. The two bank accounts show transfers back and forthIn order to file bankruptcy, don't I need to stop the consolidation so that one creditor is not favored over another? No account has been settled yet, but I have a tentative settlement and in order to pay it, I have to put more money into the consolidation account. I know I have to stop paying the loan, again, so my creditors are treated equally.The only asset I have left is some stock totaling a few thousand dollars. I still have expenses from my last event that I need to pay, but my understanding is that I can't sell the stock because that's fraud, even if I use it to pay expenses on my business. Is it just all too difficult to process? The nonprofit isn't worth anything at this point so I was told it won't affect me filing, and I was also told I qualify to file. But I'm nervous about all of this.
We filed Chapter 13 Bankruptcy in 2010 (I believe it was final
We filed Chapter 13 Bankruptcy in 2010 (I believe it was final in September, our payments to the plan started in June 2010). My husband's grandpa passed away last year, and his house just sold this month (Feb 2014). We will be inheriting about $30k from this estate. Do the courts have the right to take that money? Or is it ours now since it's beyond 3 years from filing? We are on a 5-year payment plan. We filed in Arizona. Thank you,Nicole
I am listed on my fathers deed in case he goes into a nursing
I am listed on my father's deed in case he goes into a nursing home, they don't take the house. I am not sure if it was done "In Trust". It doesn't state that on the deed, but a lawyer had explained to me that I'm not yet the owner. I will only be the owner once my father is deceased. I'm asking this because I'm filing for bankruptcy and don't want my father's house taken away.
Can I put the single asset of an LLC (a piece of rental property)
Can I put the single asset of an LLC (a piece of rental property) - into an irrevocable trust in the names of my children and keep it safe from a potential personal judgment? I may end up with a $500k mortgage deficiency and a lender who will want to collect on the judgment. Can it be overturned should the lender come after me for my personal guaranty? new york based LLC and all parties NY residents
I have a question concerning asset protection trusts goingView more bankruptcy law questions
I have a question concerning asset protection trusts going into bankruptcy.Utah has asset protection laws for trusts:http://webster.utahbar.org/barjournal/2010/03/domestic_asset_protection_trus.htmlThere is a four year limit for claims from creditors on the uniform fraudulent transfer act. However, how does this apply in a Utah bankruptcy?The SOFA asks for any assets transferred into a trust in the last 10 years. How well protected is a trust asset in a Utah bankruptcy?If we look at Utah exemptions I can't find anything that talks about trusts. I suppose the trust should be protected from creditors because it's no longer my asset, but the Statement of Financial Affairs asks a couple questions about trusts. My feeling is a well designed trust could protect someone from creditors during litigation, but does it provide any immunity during a bankruptcy? Does the trustee have the power to seize my self settled trust to pay creditors during bankruptcy?