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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I want to file a chapter 7 BK and I am executor and an account

Customer Question

I want to file a chapter 7 BK and I am executor and an account signer on a trust account with an ample amount of money which is not mine. My house is upside down and my house note is with the same bank. Is there any recourse the bank can take against me? Also, do I need to claim in my BK the living trust?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

1) Do you have any interest in the trust, besides being the executor and account signer? 2) Are you also the trustor (the one who funded the account), or a remainderman (the one who gets the trust when the holder of the living trust dies)?

Customer: replied 6 years ago.
1. I have no interest in the trust. 2. I am a remainderman 3. My mother is the trustor.
Expert:  cfortunato replied 6 years ago.

Last question - does the trust have a "spendthrift" provision, which will protect the trust from your creditors when you receive it?