Fremont Bankruptcy: Trusts and Bankruptcy

Some people before filing for bankruptcy will try to protect their assets by transferring them into a trust.  Ownership of a person’s assets will be given to another person or a group of people in a trust.  It will be harder for creditors to collect these assets in a trust.

Meanwhile, by reserving a life estate, the trust holder can continue to earn interest on the property in the trust.    Some people will try to transfer the interest earned on the property to another party in order to protect it from creditors.  But with the new reformed bankruptcy law, creditors can easily be able to gain access to these assets.  

If you assigned a portion of your interest on properties to a self settled trust, your trustee can stop you from collecting interest on the properties in the trust made within 10 years of your bankruptcy filing.  A self settled trust is one that you start for your own personal benefit.

If you are purposefully trying to interfere with or defraud any creditors, your trustee can also stop you from collecting interests on assets protected by a trust.  For more information about getting started with your bankruptcy, call a knowledgeable Fremont attorney at Sagaria Law.

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