If I file bankruptcy due to over extended credit, can the condo and money in accounts be affected? 10 Answers as of December 01, 2016

Family trust became ours on 2014 upon loss of mother, a fully paid condo and 3 bank accounts in trust.

Ask a Local Attorney. 100% Anonymous. Free Answers.

Free Case Evaluation by a Local Lawyer: Click here
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
You need to an experienced lawyer before you do anything. What you are allowed to keep varies by state.
Answer Applies to: California
Replied: 12/1/2016
A Fresh Start
A Fresh Start | Dorothy G Bunce
Yeah, answering this question is going to be opening a can of worms. Some situations are just not appropriate for an online assessment, and this is one of them. The devil is in the details, and the details required will be exhaustive.
Answer Applies to: Nevada
Replied: 11/29/2016
GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Maybe, but it depends. I have about 50 questions to ask you before I can render an opinion.
Answer Applies to: Colorado
Replied: 11/29/2016
CARL C SILVER ATTORNEY AT LAW
CARL C SILVER ATTORNEY AT LAW | Carl C Silver
yes
Answer Applies to: Michigan
Replied: 11/29/2016
Ronald K. Nims LLC | Ronald K. Nims
Any assets you own can be sold to pay off your creditors in a bankruptcy, unless an asset is covered by an exemption. If you live in the condo, there is a $134,000 exemption for your residence. Whether the accounts in the trust can be taken, depends on the terms of the trust.
Answer Applies to: Ohio
Replied: 11/29/2016
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    Yes. You really must consult a skilled bankruptcy lawyer who can review ALL the facts and ALL the applicable law relating to exemptions And property of the estate. Filing a BR without a thorough consultation with a knowledgeable lawyer could endanger assets you want or need to protect for yourself and your family.
    Answer Applies to: Wisconsin
    Replied: 11/29/2016
    Garner Law Office
    Garner Law Office | Daniel Garner
    It sounds like you would have to claim at least partial ownership in the trust assets, so you should not file for bankruptcy without talking to a bankruptcy attorney first. You could jeopardize the trust assets.
    Answer Applies to: Oregon
    Replied: 11/29/2016
    Marc S. Stern
    Marc S. Stern | Marc S. Stern
    Without a careful review of the trust, there is no way to tell.
    Answer Applies to: Washington
    Replied: 11/28/2016
    Danville Law Group | Scott Jordan
    You are asking a question that requires a lot more information. At the very least, an attorney will need to read the Trust document. Depending on what the Trust Agreement says, if you are a beneficiary of the Trust, yes, the condo and the bank accounts could be affected by a bankruptcy filing. I suggest you contact a local bankruptcy attorney for a consultation.
    Answer Applies to: California
    Replied: 11/28/2016
    OlsenDaines | Rex Daines
    Most likely. The homestead exemption is $50,000, so if the condo is worth more than that (which it probably is) then the court can take it in a chapter 7 bankruptcy. You also need to meet other requirements to claim it as your homestead. You should consult with an attorney about a chapter 13 and when you do so make sure to have the trust documents, bank statement, and a copy of the deed to the home so the attorney can give you complete advice.
    Answer Applies to: Oregon
    Replied: 11/28/2016
Click to View More Answers: