Legal

Ask a Lawyer and Get Answers to Your Legal Questions

Ask a Lawyer,
Get an Answer ASAP!

Legal

Are the assets of a Revocable Trust available to a

Customer Question
Bankruptcy Trustee if the grantor...
Are the assets of a Revocable Trust available to a Bankruptcy Trustee if the grantor of the assets to the Trust files a Chapter VII with in four years however the Trust was formed in the ordinary course of estate planning when the CH VII debtor was solvent and the Bankruptcy is caused by an extraordinary event?
Submitted: 2 years ago.Category: Legal
Show More
Show Less
Ask Your Own Legal Question
Answered in 1 minute by:
11/18/2015
Lawyer: MIAMILAW1127, Lawyer replied 2 years ago
MIAMILAW1127
MIAMILAW1127, Lawyer
Category: Legal
Satisfied Customers: 755
Experience: Founding Partner at Moises Law, P.A.
Verified

Hello. Thank you for contacting me. My name is***** am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you.

Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Ask Your Own Legal Question
Lawyer: MIAMILAW1127, Lawyer replied 2 years ago

The issue is with the trust being revocable. Since the assets never really left the possession of the grantor (since the trust was revocable versus irrevocable), they will still be considered in the Chapter 7 Bankruptcy as assets of the grantor.

Ask Your Own Legal Question
Ask Tina Your Own Question
Tina
Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8,775
8,775 Satisfied Customers
Experience: JD, BBA Over 25 years legal and business experience.

Tina is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Not only did he answer my Michigan divorce question but was also able to help me out with it, too. I have since won my legal case on this matter and thank you so much for it.

LeeMichigan

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

8,775 satisfied customers

JD, BBA Over 25 years legal and business experience.

Ely

Ely

Counselor at Law

24,218 satisfied customers

Private practice with focus on family, criminal, PI, consumer protection, and business consultation.

INFOLAWYER

INFOLAWYER

Attorney

20,218 satisfied customers

Licensed attorney helping individuals and businesses

JPEsq

JPEsq

Attorney

2,132 satisfied customers

Experience as general attorney, in house counsel, SSDI, Family Law attorney, and law professor

Law Educator, Esq.

Law Educator, Esq.

Attorney

41,455 satisfied customers

JA Mentor -Attorney Labor/employment, corporate, sports law, admiralty/maritime and civil rights law

Ellen

Ellen

Lawyer, Consultant

8,238 satisfied customers

25 years of experience helping people like you.

Guillermo J. Senmartin, Esq.

Guillermo J. Senmartin, Esq.

Attorney

287 satisfied customers

7+ years of experience handling various legal matters.

< Previous | Next >

Related Legal Questions
We are addressing options for our estate planning and
we are addressing options for our estate planning and thinking of transferring titles of our two properties (which one would be my primary residence) to me, and giving him living rights in the other; … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
34,606 satisfied customers
Need definition of realestate term: adverse possession.
need definition of realestate term: adverse possession … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,903 satisfied customers
My husband and I have revocable trusts/wills prepared in
My husband and I have revocable trusts/wills prepared in Colorado in 1998. We now live in California. Do they have to be rewritten? … read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
If a chapter 11 debtor in possession misses their deadline
If a chapter 11 debtor in possession misses their deadline to submit a reorg plan....can a creditor committee submit their own proposed plan to the court? And does the debtor have any ability to block… read more
KJL LAW
KJL LAW
Juris Doctorate
1,618 satisfied customers
I'm about to attend an estate planning meeting with my
I'm about to attend an estate planning meeting with my families attorney to divide my deceased father's assets among my sister, brother and myself. I was the sole caretaker of my father during his ill… read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
34,606 satisfied customers
Is a demand for possession and eviction notice?? Missouri,
No nothing has been filed. Was received on 14th of last month to be out by October 2nd taped on the door. … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,903 satisfied customers
How soon after the person who formed a revocable trust dies,
How soon after the person who formed a revocable trust dies, does the trust usually dissolve? Or can it go on indefinitely for years with the survivors(beneficiaries) as Trustees? Say if someone wante… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
My mother has a revocable trust and poa in Texas. Her house
My mother has a revocable trust and poa in Texas. Her house is said to be unliveable was it the poa or the trust responsibility for the upkeep of the house or the poa in the state of texas … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
A Revocable Trust has a specific distribution of real
A Revocable Trust has a specific distribution of real property under a self-canceling mortgage note. This is a 93-year mortgage note where an 86-year old Settlor signed without knowledge of what she w… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Revocable Trust construction. I am in Kansas, USA. I have
Are you experienced in Revocable Trust construction. I am in Kansas, USA … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
34,606 satisfied customers
When I sell the house in the revocable trust, will the check
When I sell the house in the revocable trust, will the check be made out to the trust or to me as the successor trustee?… read more
Ray
Ray
Lawyer
Doctoral Degree
30,190 satisfied customers
In new York, when the grantor of a revocable trust dies,
In new York, when the grantor of a revocable trust dies, does the successor trustee need to open a new trust bank account with a new tax ID. Checks from the existing trust accounts are being bounced w… read more
Ray
Ray
Lawyer
Doctoral Degree
30,190 satisfied customers
Estate planning legal questions. Pennsylvania. In NC. He has
Question concerns the proceeds from sale of house with his and her children… read more
ScottyMacEsq
ScottyMacEsq
Doctoral Degree
17,072 satisfied customers
I have revocable trust,and my wife .she died 8 years
I have revocable trust,and my wife .she died 8 years ago.trust are in different accounts with charles schwab.can i move my wife account in to mine state of florid … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
34,606 satisfied customers
Is property in a revocable trust protected in New York state
Is property in a revocable trust protected in New York state or Florida in bankruptcy … read more
Law Educator, Esq.
Law Educator, Esq.
Attorney
Doctoral Degree
41,455 satisfied customers
I am a sole practitioner estate planning and probate
I am a sole practitioner estate planning and probate attorney. I have been in practice for 32 years. I have an inventory of approximately 1,000 cases … read more
LawTalk
LawTalk
Attorney at Law
Juris Doctor
128 satisfied customers
I am in the process of setting up a revocable trust for
I am in the process of setting up a revocable trust for 'non-retirement' funds and legacy trusts (kids) for my IRAs. … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
34,606 satisfied customers
Can a person of unsound mind change a revocable trust? Ohio.
Can a person of unsound mind change a revocable trust? … read more
Bill Attorney
Bill Attorney
law
1,415 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x