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Recent Spendthrift questions

I'm want to get as clear a picture as I can of a current predicament.

I'm want to get as clear a picture as I can of a current predicament. As I mentioned previously, my wife's trust holds the title to our personal residence. The trust ownership of title has been in place for 25 years. The trust also has a spendthrift provision. The things I would like clarity on are as follows:a. If someone has a judgment on my wife, can they penetrate the trust to execute on the house?b. If the answer to (a) is yes, does the Utah homestead exemption (as to the judgment creditor claim) apply inasmuch as my wife (the original grantor of the house to the trust) uses the house along with me as our personal residence?

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Roger

Litigation Attorney

Doctoral Degree

33,430 satisfied customers
My wife's trust has held the title to our personal residence

My wife's trust has held the title to our personal residence for about 25 years. The trust has a spendthrift provision. What does that mean?

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Roger

Litigation Attorney

Doctoral Degree

33,430 satisfied customers
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.

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WALLSTREETESQ

Attorney

Doctoral Degree

18,022 satisfied customers
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

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WALLSTREETESQ

Attorney

Doctoral Degree

18,022 satisfied customers
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.

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WALLSTREETESQ

Attorney

Doctoral Degree

18,022 satisfied customers
I need a second opinion. 33 months into a chapter 13 bankruptcy

I need a second opinion. 33 months into a chapter 13 bankruptcy (filed in Arizona), my wife's mother died, leaving us an inheritance tied to a living trust with a spendthrift clause (in California). I know that the trustee cannot access the trust assets to pay the unpaid creditors as long as it remains in the trust. My bankruptcy attorney stated that I can use the trust assets and the bankruptcy trustee cannot touch them. That seems fishy to me, and I'm sure the trustee is going to ask again to see my bank statements at some time, and I need to be sure that this is true before attempting to use any of the trust assets.Is it true that I can use these assets in this situation?

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TJ, Esq.

Juris Doctor (JD)

10,594 satisfied customers
If I have a Spendthrift trust while in a chaptr 13 how long

If I have a Spendthrift trust while in a chaptr 13 how long do I have to wait once the bankruptcy is discharged before the trustee can hand over the account?

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Roger

Litigation Attorney

Doctoral Degree

33,430 satisfied customers
How would a spendthrift provision work if a chapter 13 is already

How would a spendthrift provision work if a chapter 13 is already going on the 2nd year of 3 years.

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Roger

Litigation Attorney

Doctoral Degree

33,430 satisfied customers
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

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WALLSTREETESQ

Attorney

Doctoral Degree

18,022 satisfied customers
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