Is a spendthrift trust safe in my bankruptcy? 7 Answers as of September 14, 2016

This was created by parents for the child in bankruptcy.

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Ronald K. Nims LLC | Ronald K. Nims
Yes, the assets in properly written spendthrift trust aren't subject to turnover in bankruptcy.
Answer Applies to: Ohio
Replied: 9/14/2016
R. Steven Chambers PLLC | R. Steven Chambers PLLC
It should be if created by parents for the child; however, without seeing the trust no one can tell you for certain.
Answer Applies to: Utah
Replied: 9/14/2016
Law Office of Michael Johnson
Law Office of Michael Johnson | Michael Johnson
Should be. You should consult with an experienced Bankruptcy attorney.
Answer Applies to: Florida
Replied: 9/13/2016
Stephens Gourley & Bywater | David A. Stephens
I would need a lot more details to answer that question. It is complicated by a lot of issues.
Answer Applies to: Nevada
Replied: 9/13/2016
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
In California the bankruptcy trustee can take up to 25%. Every state is different so if you are not in California you need to check with local counsel.
Answer Applies to: California
Replied: 9/13/2016
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    The information needed is whether you are the parent or the child, WHEN the trust was created and WHEN assets were moved into the trust. Unfortunately, these little details mean the difference between success and failure.
    Answer Applies to: Nevada
    Replied: 9/13/2016
    Goldsmith & Guymon
    Goldsmith & Guymon | Marjorie Guymon
    It should be. It depends on the verbiage in the trust. I recommend you have someone review it.
    Answer Applies to: Nevada
    Replied: 9/13/2016
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