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I HOLD CERTAIN ASSETS (A SMALL BUSINESS, IT'S EQUIPMENT,

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LAND AND MINERIAL RIGHTS) WHICH...
I HOLD CERTAIN ASSETS (A SMALL BUSINESS, IT'S EQUIPMENT, LAND AND MINERIAL RIGHTS) WHICH I WOULD LIKE TO TRANSFER TO SOME TYPE OF TRUST FOR DEBT PROTECTION. THE BUSINESS IS A SOLE PROPRIETORSHIP & I WANT TO TRANSFER/SELL THOSE ASSETS TO THAT TRUST. IS IT LEGAL AND HOW DO I GO ABOUT.
I WANT TO ACCOMPLISH THIS BECAUSE, I BELIEVE I AM GOING TO BE FORCED INTO BANKRUPTCY
Submitted: 7 years ago.Category: Bankruptcy Law
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Answered in 1 hour by:
8/5/2010
Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified
Hi JACustomer,
You can transfer those assets into a trust. However, to protect the trust from the Bankruptcy court, you would have to wait 2 years to file if you are not the beneficiary of the trust, and 10 years if you are the beneficiary of that trust.
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