Roseville Bankruptcy: Trusts and Bankruptcy

Recent changes in bankruptcy law have limited the ability of debtors to use trusts to protect assets from creditors.  In the past, creditors would transfer assets to another person or persons to make it more difficult for creditors to collect on them.  The trust holder would often reserve a life estate to continue drawing income in his lifetime.  They may even transfer the life estate to another party to attempt to protect it from the creditors’ reach.  New bankruptcy law substantially limits the effectiveness of this strategy.

First, your Roseville Trustee can stop you from collecting interest on assets if you are found to be trying to deliberately interfere with or defraud creditors.  Likewise, your Trustee can stop you from collecting any interest on properties in trusts which were made less than ten years before your filing if it was assigned to a “self-settled trust.”  Self-settled trusts are defined as ones created for the creator’s benefit.  The rules for trusts are complex with regards to bankruptcy.  Sagaria Law suggests you contact our Roseville office for an initial consultation to help you with this and other issues.

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