Redwood City Bankruptcy: With Regard to Trusts

People can try to protect their assets from creditors by transferring their money or property into a trust. A trust gives some ownership of a person's assets to another person or group of people, so creditors have a more difficult time collecting these assets.

In the meantime, the trust holder continues to earn interest made on the property in the trust by reserving a life estate and some people attempt to transfer the interest earned to another party to protect it from creditors. With the bankruptcy law reform in effect, creditors gain access to these assets without as much trouble.

The Redwood City bankruptcy court trustee prohibit people from collecting the interest on properties protected by trusts made within 10 years of the bankruptcy filing if the individual assigned a portion of them to a self-settled trust, which is a trust a person starts for his own personal gain.

In addition, the Redwood City bankruptcy court trustee may also prevent a person from collecting interest on assets protected by a trust if he deliberately tries to interfere with or defraud any creditors. Call Sagaria Law now to schedule an appointment in Redwood City for consultation.

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