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 cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

My father passed away on Feb. 19. There is a trust. My husband

Resolved Question:

My father passed away on Feb. 19. There is a trust. My husband and I are filing bankruptcy. There is a protection clause, similar to a spendthrift clause in the trust. Does this protect our portion of the trust from the bankruptcy? Would it make a difference if we file a 7 vs. a 13? We are in California. Thanks,
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 7 years ago.
Hi JACustomer,
Spendthrift trusts are not included in a Bankruptcy estate, and are therefore protected. [Bank. Statute 541(c)(2)]
This applies to both Chapter 7 and Chapter 13 Bankruptcies.

Edited by Christina Fortunato, Esq. on 7/2/2010 at 12:22 AM EST
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you